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Trade Deal Unlocks Access To $572.3 Billion EU Pharmaceuticals And Medical Devices Market
(MENAFN- IANS) New Delhi, Jan 28 (IANS) The free trade agreement (FTA) between India and the European Union (EU) unlocks access to the $572.3 billion EU pharmaceuticals and medical devices market, giving impetus to the Indian pharmaceuticals sector, according to the government.
According to the Ministry of Chemicals and Fertilizers, this would enable pharma industries to scale, generate employment, and reinforce India’s positioning as a reliable partner in the pharmaceuticals sector underlining its growing stature as the pharmacy of the world.
It is expected to expand skilled jobs, industrial employment, stronger MSME participation and strengthen global supply chain integration, the ministry added.
Union Minister for Chemicals and Fertilisers, JP Nadda, said that the FTA opens new doors for pharmaceuticals and medical devices.
“Access to the $572.3 billion Pharma and MedTech market in EU and liberalised tariffs for Indian medical devices will accelerate growth in this high-value sector,” said Nadda.
“Under the visionary leadership of PM Narendra Modi, India continues to expand its presence as a reliable global partner in healthcare and manufacturing,” the minister added.
The FTA is an important milestone in one of India’s most strategic economic partnerships.
Designed as a modern, rules-based trade partnership, the FTA responds to contemporary global challenges while enabling deeper market integration between the world’s 4th and 2nd largest economies.
It will give preferential market access to drive faster growth in high-value segments, liberalise tariffs for key ‘Made In India’ medical devices, ensure growth across inorganic and organic chemicals, fertilisers, pharmaceuticals, cosmetics, soaps and detergents and help in capacity expansion and MSME cluster development to drive sectoral growth.
It will also open major expansion opportunities across hubs in Gujarat, Maharashtra, Karnataka and Andhra Pradesh. Coastal export hubs will be able to scale Export-led growth to support employment and processing intensive sectors.
The India–EU FTA reinforces shared values, fosters innovation, laying the foundation for inclusive, resilient and future-ready growth for both India and Europe, said the ministry.
-IANS
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