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Modi, who received a standing ovation from UK lawmakers, had earlier visited a statue of Mahatma Gandhi, which stands outside Parliament, and held a news conference with British Prime Minister David Cameron.
India and the UK are “two strong economies and two innovative societies [which need to create] one of the leading global partnerships,” he told Parliament on Thursday.
“Strong as our partnership is, for a relationship such as ours, we must set higher ambitions. We are two democracies; two strong economies; and, two innovative societies,” he said.
“We have the comfort of familiarity and the experience of a long partnership. Britain’s resurgence is impressive. Its influence on the future of the global economy remains strong,” Modi added.
The Indian Prime Minister acknowledged that he will be visiting other European countries as well, but that Delhi’s position was such that it would continue to consider the UK “as our entry point to the EU as far as possible”.
Modi stressed the common goals of both countries saying that India and the UK are both smart enough to use the strength of connected histories to power the future of their relationship.
“Both of us have huge stakes in West Asia (Middle East),” he said.
The Indian Prime Minister announced that Delhi and London will work on clean and renewable energy.
Earlier, the two countries signed a civil nuclear agreement.
Cameron said that it was time the two countries realize the full impact of their cooperation and build a “modern, dynamic relationship”.
In the meantime, 10 Downing Street announced that 2016-17 will be termed the UK/India Year of Culture.
“The great partnership between India and the UK extends beyond economic ties to the boards of The Bard and the beaches of Bollywood. We have some of the best cultural exports in the world – and it’s about time we celebrated this, together,” Cameron said in a prepared statement published by British newspapers.
The two leaders also announced $14 billion in trade deals.
Modi is expected to meet with Labour leader Jeremy Corbyn later during his three-day trip.
The BRICS Post with inputs from Agencies