Argentina Assures India on Sorting out Import Restrictions on Indian Pharma Products.

Argentina has assured India that it would solve the issues pertaining to restrictions on Indian pharma firms for exporting formulations  and said  that it would buy drugs worth 150-200 million US dollars from India in the interim.

Argentine Minister of Industry, Debora Giorgy, conveyed this to visiting Union Minister of State for Commerce and Industry, Jyotiraditya M Scindia, at a bilateral meeting at Buenos Aires on Tuesday night. Scindia strongly raised the issue of restrictions on finished pharmaceutical products from India to Argentina.

“The Indian pharmaceutical industry is among the largest and the most developed in the world. Increased market access can benefit both the countries,” he told the Argentinian minister who forthwith agreed to find a solution to the problem.

Scindia also highlighted the difficulties for Indian businessmen to obtain Argentine visa. He pointed out that it was a problem that needed resolution if bilateral trade and investment were to grow. Giorgy agreed and promised to resolve this. “There is a need to introduce a new element in bilateral relationship-- people to people, along with government 2 government and B2B,” emphasized the Union minister.

Widening and deepening of the preferential trade agreement with MERCOSUR –a trading bloc comprising Brazil, Argentina, Uruguay and Paraguay – was one of the key agendas of the visit of the Minister. The issue was raised by Scindia as an important tool to enhance bilateral trade. Argentina is a key member of this trading bloc and it should expedite the conclusion of the expansion process. Currently, India has sent its wish list and is waiting for MERCOSUR to schedule the next round of negotiations.

Scindia highlighted the potential for deepening the engagement between the LAC countries. He emphasised on the similarities, complementarities and the opportunities to work together amidst the changing economic axis of the global world and rising south- south cooperation. He mentioned that he has constituted a Committee to devise a strategy for enhancing trade and investment in the LAC region under his chairmanship. The success of the FOCUS LAC programme that incentivises exports to the LAC region is crucial for the growth of exports in India. The Minister identified the potential areas of cooperation between the LAC countries which includes: automobiles, IT, oil and gas, textiles, chemicals and pharmaceuticals.

Source : pharmabiz.com