India raises issue of pharma pricing control in Australia
The two sides have decided to work closely on timely resolution of market access issues, deepen people-to-people contacts, and create an institutional mechanism for sharing of preferential import data, the commerce ministry said on Saturday.
![India raises issue of pharma pricing control in Australia](https://cdn.zeebiz.com/sites/default/files/2024/05/05/291814-pexels-pixabay-208541-1.jpg?im=FitAndFill=(1200,900))
India has raised the issue of pharmaceutical pricing control in Australia, particularly on generic medicines, during a recent bilateral meeting between the officials of the two countries.
The two sides have decided to work closely on timely resolution of market access issues, deepen people-to-people contacts, and create an institutional mechanism for sharing of preferential import data, the commerce ministry said on Saturday.
The bilateral trade between the countries declined 7.7 per cent to USD 24 billion in 2023-24 as against USD 26 billion in 2022-23.
These issues among others were discussed during the first Joint Committee Meeting (JCM) in Canberra under India-Australia Economic Co-operation and Trade Agreement (Ind-Aus ECTA).
"Both the sides while acknowledging the smooth implementation of the ECTA, briefly elaborated on ECTA implementation issues including MRAs (mutual recognition agreements) on organic products, market access issues related to products like okra, pomegranate, grapes, cottage cheese...Pharmaceutical pricing control in Australia particularly on generics, progress made by the working group on whisky and wine," the ministry said.
The aim was to address regulatory challenges and promote trade of these products, it said adding setting up of disease-free zones for shrimps and prawns in India was also discussed.
It added that the JCM meeting addressed certain critical services issues, including the consideration of India's request for facilitation of cross border e-payments and MRAs in professions like nursing and dentistry.
Discussions were also held at the chief negotiators level between Additional Secretary Rajesh Aggarwal and Assistant Secretary Ravi Kewalram from DFAT under India-Australia CECA (comprehensive economic cooperation agreement) negotiations to review the progress made after nine rounds and the way forward for its completion with a view to reaching at a balanced outcome.
"Australia is an important trading partner of India in the Oceania region with merchandise trade between India and Australia reaching around USD 24 billion in 2023-24, signalling significant potential for further growth," it added.
The meeting serves as a platform to further strengthen trade ties and explore new opportunities for bilateral economic cooperation in areas such as trade facilitation, investment promotion, as well as cooperation in other areas including support for technology.
Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
![https://www.zeebiz.com/markets/stocks/photo-gallery-this-tata-group-stock-turned-every-rs-10000-of-investment-into-rs-11300-in-just-a-week-investors-richer-by-42722-crore-rupees-any-guesses-share-market-news-304023](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307143-tradingpexels.jpg?itok=rw4R7EfH)
A Tata group stock just turned every Rs 10,000 of investment into Rs 11,300 in just a week, investors richer by Rs 42,722 crore; any guesses?
![https://www.zeebiz.com/markets/stocks/photo-gallery-large-cap-midcap-stocks-shares-to-buy-for-long-term-check-out-targets-nifty-sensex-303617](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/25/306716-stockks.jpg?itok=KJTrFUIK)
Stocks to buy for long term: Analysts suggest buying these 5 largecap, 4 midcap scrips; check out targets
![https://www.zeebiz.com/personal-finance/photo-gallery-nps-retirement-planning-budget-2024-nirmala-sitharaman-announcement-how-nps-rulebook-change-can-increase-corpus-income-and-monthly-pension-by-40-compound-return-303984](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307102-indian-currency-pixabay-take.jpg?itok=kN21EW-9)
How your NPS retirement corpus and monthly pension can jump by 40% after this rule change; get details
![https://www.zeebiz.com/personal-finance/photo-gallery-senior-citizen-savings-scheme-scss-2024-interest-rate-calculator-post-office-how-to-get-inr-rs-50000-interest-retirement-planning-guaranteed-return-maturity-amount-small-savings-303930](https://cdn.zeebiz.com/sites/default/files/styles/zeebiz_700x394/public/2024/07/26/307042-fd-interest-file.jpg?itok=45ZbBRWM)
How much investment do you need in this senior citizen scheme to get Rs 50,000 quarterly interest? Know here
10:19 AM IST