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India-EU Trade Deal Opens $572 Billion Pharma Market to Boost 'Pharmacy of World'

The India-EU Free Trade Agreement unlocks access to the massive $572.3 billion European pharmaceuticals and medical devices market. This deal is expected to accelerate growth in high-value sectors, generate skilled employment, and strengthen MSME participation. It reinforces India's position as a reliable global partner in healthcare manufacturing, often called the 'pharmacy of the world'. The FTA will also drive export-led growth through hubs in states like Gujarat and Maharashtra.

Key Points: India-EU FTA Unlocks $572 Billion Pharma & MedTech Market

  • Opens $572.3B EU pharma market
  • Boosts 'Made in India' medical devices
  • Expands skilled jobs & MSME participation
  • Strengthens India as 'pharmacy of the world'
2 min read

Trade deal unlocks access to $572.3 billion EU pharmaceuticals and medical devices market

India-EU free trade agreement grants access to $572.3B EU pharma market, boosting exports, jobs, and India's role as global pharmacy hub.

Trade deal unlocks access to $572.3 billion EU pharmaceuticals and medical devices market
"Access to the $572.3 billion Pharma and MedTech market in EU... will accelerate growth in this high-value sector. - JP Nadda"

New Delhi, Jan 28

The free trade agreement between India and the European Union 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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Reader Comments

R
Rohit P
Great step forward. But I hope the government ensures our MSMEs get the real benefits and aren't overshadowed by the big corporates. The focus on hubs in Gujarat and Maharashtra is good, but what about states like Bihar or Odisha? Development should be more inclusive.
A
Aman W
$572 billion market access! This is huge. Our companies need to be ready to meet the strict EU quality standards. If we do this right, 'Pharmacy of the World' will become an undeniable reality. Jai Hind!
S
Sarah B
As someone working in the med-tech space in Bangalore, this is the news we've been waiting for. Liberalised tariffs for Indian medical devices can be a game-changer. Excited for the innovation and growth this will trigger.
V
Vikram M
Positive development, no doubt. However, while we celebrate market access, we must not compromise on the affordability of medicines for our own citizens. The domestic market and its needs should remain the top priority.
K
Karthik V
This FTA seems well-rounded, covering pharma, chemicals, and even cosmetics. Strengthening the global supply chain with India as a key player is a smart strategic move. Hope it leads to more such agreements with other regions.

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