India, UAE discuss ways to boost trade in pharmaceuticals, healthcare products
The commerce ministry has said that India and the UAE have discussed ways to enhance and facilitate trade in pharmaceuticals and healthcare products with an aim to boost economic ties. It added that the UAE has conveyed a positive outlook on expediting registration processes and regulatory facilitation, while India highlighted its openness and readiness for inspections and audits by the UAE authorities. Discussions also focused on emerging opportunities in traditional medicine, with special emphasis on ayurvedic products under the India-UAE partnership.
Moreover, both countries reviewed the progress of the free trade agreement, implemented in May 2022, and reaffirmed the target of increasing two-way trade to $100 billion in non-oil, non-precious metals by 2030. They underlined the need for timely trade data sharing for better monitoring under Comprehensive Economic Partnership Agreement (CEPA) and agreed that the sub-committee on services will convene within two months.
Additionally, India has welcomed the formation of the Emirates Drug Establishment and its role in addressing concerns of Indian pharmaceutical companies. On market access and regulatory issues, both sides agreed to take up matters for early resolution in the CEPA Joint Committee. Meanwhile, in the food sector, the UAE addressed concerns of the Indian food and beverages industry, including issues relating to high retail prices, price norms and mandatory testing for rice consignments.
