NEW DELHI, (Economy india): India has called for a more predictable and transparent regulatory environment in Brazil to help boost exports of Indian pharmaceutical products, the Commerce Ministry said.
The issue was discussed during the eighth meeting of the India-Brazil Trade Monitoring Mechanism (TMM) held in Brasilia. Commerce Secretary Rajesh Agarwal attended the meeting and held discussions aimed at strengthening trade and improving market access between the two countries.
According to the ministry, progress was made during the meeting in facilitating greater market access for Indian pharmaceutical products in Brazil. India has been seeking smoother regulatory processes to help its pharmaceutical companies expand their presence in the important Latin American market.
A predictable regulatory framework is considered crucial for Indian drug manufacturers, as it can reduce delays and provide greater certainty for companies seeking approval and market access for their products.
The discussions also highlighted the growing importance of economic and trade cooperation between India and Brazil. Both countries are major emerging economies and have significant potential to expand bilateral trade across sectors.
India’s pharmaceutical industry is one of the country’s major export sectors, supplying affordable medicines to markets around the world. Improved access to Brazil could provide new opportunities for Indian drugmakers and further strengthen commercial ties between the two countries.
The Trade Monitoring Mechanism serves as an important platform for India and Brazil to discuss trade-related issues, resolve market access concerns and explore opportunities for deeper economic cooperation.
With progress reported in facilitating access for Indian pharmaceutical products, the latest meeting is expected to support efforts to increase India’s pharma exports to Brazil and strengthen bilateral trade relations in the coming years.
(Economy india)
