Indian Economy News

India looking at greater market access for pharma products in UK under FTA

  • IBEF
  • November 7, 2022

As part of the proposed free trade agreement with the UK, India is looking at expanding market access for its pharmaceutical products in the UK.

The fact that both parties have emphasised their red lines and sensitivities is the best element of the proposed agreement. Manufacturing of generic medications in an ever-greening and sensitive manner is really necessary.

A trade agreement between India and the UAE has already increased the indigenous pharmaceutical industry's access to international markets. As per the agreement, medical and pharmaceutical products that have received regulatory approval in advanced nations including the US, UK, EU, Canada, and Australia will be licenced in India within 90 days.

The goal of the free-trade agreement (FTA) negotiations between India and the UK was to reach an agreement by Diwali. However, the deadline was missed due to political changes in the UK.

The UK is also a key investor in India. In 2021–2022, New Delhi attracted US$ 1.64 billion in foreign direct investment. Between April 2000-March 2022, the amount was around US$ 32 billion.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.