Mumbai, Oct 9 (PTI) India and the UK are "natural partners" and their growing ties stand as an important pillar of global stability and economic progress at a time the world is witnessing uncertainty, Prime Minister Narendra Modi said on Thursday.

Modi made the remarks after his wide-ranging talks with British Prime Minister Keir Starmer.

In his media statement, PM Modi said the historic India-UK Comprehensive Economic and Trade Agreement inked in July will reduce import costs between the two countries, create new employment opportunities, boost trade, and benefit industries and consumers on both sides.

"India and the UK are natural partners. Our relationship is built on the shared values of democracy, freedom, and the rule of law," he said.

"In today's time of global uncertainty, our growing partnership stands as an important pillar of global stability and economic progress," he added.

The two leaders also shared views on the Indo-Pacific, peace and stability in West Asia, and the ongoing conflict in Ukraine.

"On the issues of the Ukraine conflict and Gaza, India supports all efforts to restore peace through dialogue and diplomacy. We are fully committed to enhancing maritime security cooperation in the Indo-Pacific region," Modi said.

The prime minister said India's dynamism and the UK's expertise have together created a "unique synergy".

"Our partnership is trustworthy, and driven by talent and technology. And today, as Prime Minister Starmer and I stand together on this stage, it is a clear reaffirmation of our shared commitment to work hand in hand towards building a brighter future for the people of both our nations," he said.

Modi also touched upon the growing defence partnership between the two countries.

"We are moving towards defense co-production and connecting the defence industries of both countries." "Taking our defence collaboration a step further, we have signed an agreement for cooperation in military training, under which flying instructors from the Indian Air Force will serve as trainers with the UK's Royal Air Force," he said.

The British leader, accompanied by a delegation of 125 of the UK's most prominent business leaders, entrepreneurs and educationists, landed in Mumbai on Wednesday morning on a two-day visit.

Starmer's visit to India came two-and-half months after the two countries inked a landmark free trade pact that will increase market access, cut tariffs and is expected to result in doubling the bilateral trade by 2030.

The trade deal was firmed up during PM Modi's visit to London in July.

In his remarks, Starmer described the India-UK partnership as "special" that is focused on the future.

India's growth story is remarkable, he said. PTI MPB DV DV

Trade agreement strengthens market access and tariff reduction, promoting expanded bilateral commerce and economic cooperation. The India-UK relationship is advanced by the Comprehensive Economic and Trade Agreement, aimed at lowering import costs, expanding market access, reducing tariffs and stimulating bilateral commerce and employment. Alongside economic integration, the partnership includes defence co production, interconnection of defence industries, a military training agreement for exchange of flying instructors, and enhanced maritime security cooperation in the Indo Pacific to support regional stability and capacity building.