New Delhi, January 28 (IANS). The Free Trade Agreement (FTA) between India and the European Union (EU) has given India access to Europe’s $572.3 billion pharmaceutical and medical device market. According to the government, this will give a big boost to the Indian pharmaceutical industry.
According to the Ministry of Chemicals and Fertilizers, this agreement will help pharmaceutical companies expand their business, create new jobs and strengthen India as a trusted global partner for medicines. This will further strengthen India’s identity as the ‘Pharmacy of the World’.
The ministry said that this agreement will increase skilled employment, industrial jobs, participation of small and medium industries (MSME) and will also strengthen India’s connectivity with the global supply chain.
Union Chemicals and Fertilizer Minister JP Nadda said that this FTA opens doors to new opportunities for the pharmaceutical and medical device industry.
JP Nadda said, “Access to Europe’s $572.3 billion pharma and medical technology market and lower tariffs on Indian medical devices will help in the rapid growth of this important sector.”
He further said that under the leadership of Prime Minister Narendra Modi, India is continuously expanding its presence as a trusted global partner in the health and manufacturing sectors.
This FTA is being considered a milestone in one of India’s most important economic partnerships.
The agreement is designed to be a modern rules-based trade partnership that meets today’s global challenges and deepens market integration between the world’s fourth and second largest economies.
With this agreement, Indian companies will get priority access to specific markets. This will reduce tariffs on ‘Made in India’ medical devices and lead to faster growth in sectors like chemicals, fertilizers, drugs, cosmetics, soaps and detergents. It will also help in increasing production capacity and developing MSME clusters.
This agreement will also give an opportunity to the industrial centers present in states like Gujarat, Maharashtra, Karnataka and Andhra Pradesh to move forward. Maritime export centers will promote export-led growth, which will benefit employment and processing industries.
The ministry said the India-EU FTA strengthens shared values, fosters innovation and lays the foundation for inclusive, strong and future-ready growth for both India and Europe.
–IANS
DBP/AS