New Delhi: Prime Minister Narendra Modi on Thursday spoke with his newly-appointed British counterpart Rishi Sunak and the two leaders emphasized the importance of an early conclusion of "a balanced and comprehensive" Free Trade Agreement between the two countries.

The Prime Minister congratulated Rishi Sunak on assuming charge as UK Prime Minister.

"Glad to speak to Rishi Sunak today. Congratulated him on assuming charge as UK PM. We will work together to further strengthen our Comprehensive Strategic Partnership. We also agreed on the importance of an early conclusion of a comprehensive and balanced FTA," the Prime Minister said in a tweet.

Rishi Sunak thanked PM Modi for his "kind words" and said he was excited about what the "two great democracies" can achieve as they deepen the bilateral partnership.

"The UK and India share so much. I'm excited about what our two great democracies can achieve as we deepen our security, defence, and economic partnership in the months and years ahead," Sunak said in a tweet.

After Rishi Sunakand was declared the new UK Prime Minister on Monday, Prime Minister had said he is looking forward to working closely together on global issues.

The Prime Minister also extended Diwali wishes to the "living bridge" of UK Indians.

Rishi Sunak is the first Asian and Indian-origin Prime Minister of the United Kingdom.

"Warmest congratulations @RishiSunak! As you become UK PM, I look forward to working closely together on global issues and implementing Roadmap 2030. Special Diwali wishes to the 'living bridge' of UK Indians, as we transform our historic ties into a modern partnership," PM Modi had tweeted.

Sunak's change in fate was triggered by the resignation of Truss following a heavily criticized mini-budget that left the UK pound tumbling.

Sunak was born in Southampton to parents of Indian descent who migrated to Britain from East Africa.

An Oxford, and Stanford University alumnus, Sunak is married to Akshata Murthy, the daughter of NR Narayana Murthy, the billionaire businessman who founded Infosys.

There is interest in India and the UK to see if a Free Trade Agreement (FTA) can be reached at an early date.