India, UAE Discuss Ways To Increase Trade In Pharma, Healthcare Products

India and the UAE have discussed ways to enhance and facilitate trade in pharmaceuticals and healthcare products with an aim to boost economic ties, the commerce ministry said on Monday.

The UAE 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, it said.

The issue came up for discussion during a meeting between Commerce and Industry Piyush Goyal and Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade of the United Arab Emirates on Aug. 29.

"In the pharma sector, key issues were discussed in light of evolving geopolitical challenges. Both sides exchanged views on ways to further facilitate trade in pharmaceuticals and healthcare products," it said.

Discussions also focused on emerging opportunities in traditional medicine, with special emphasis on ayurvedic products under the India-UAE partnership.

India and the UAE also 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.

The ministers emphasized the importance of working closely in the current global scenario to strengthen the bilateral economic partnership.

Both sides underlined the need for timely trade data sharing for better monitoring under Comprehensive Economic Partnership Agreement and agreed that the sub-committee on services will convene within two months.

India 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 ministers agreed to take up matters for early resolution in the CEPA Joint Committee.

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.