After the conclusion of negotiations for a Free Trade Agreement (FTA) between India and the European Union (EU), Department of Pharmaceuticals under Ministry of Chemicals and Fertilizers has said that the FTA is likely to give impetus to the Indian Pharmaceuticals sector, as it unlocks access to the $572.3 billion EU pharmaceuticals & medical devices market.
It further noted that 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.
Besides, coastal export hubs will be able to scale Export-led growth to support employment and processing intensive sectors. Aligned with India’s vision of ‘Viksit Bharat 2047’, the India-EU FTA reinforces shared values, fosters innovation, laying the foundation for inclusive, resilient and future-ready growth for both India and Europe.
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