New Delhi [India], January 29 (ANI): The conclusion of the India-EU Free Trade Agreement (India-EU FTA) has opened major opportunities for the two regions to emerge as a global supplier of affordable and quality medicines, according to the Indian Pharmaceutical Alliance (IPA).

Speaking on the significance of the agreement, Sudarshan Jain, General Secretary, Indian Pharmaceutical Alliance, said that the India-EU FTA is a landmark development, particularly for the pharmaceutical sector.

'The conclusion of India-EU FTA is a landmark moment as it covers 25 per cent of the global GDP and 23 per cent of the world population. This FTA is very important in the context of pharmaceuticals. It will further strengthen the relationship between India and the EU,' he said.

Jain highlighted that the agreement would facilitate near-zero duty on the supply of innovative products from the European Union to India, which would help bring down costs for patients.

'There will be near-zero duty on the supply of the EU innovative products to India, which means innovative products will be available at lower cost,' he added.

Emphasising India's strengths, Jain said that the country has a strong track record in the biosimilar segment.

'India has a strong record in biosimilars; overall, India-EU can be a supplier of affordable medicines worldwide,' he said.

The India-EU FTA was jointly announced on Tuesday by Prime Minister Narendra Modi, European Commission President Ursula von der Leyen, and European Council President Antonio Costa at the 16th India-EU Summit, held during the visit of European leaders to India.

The documents related to the conclusion of the FTA were exchanged between EU Trade Commissioner Maros Sefcovic and Union Commerce Minister Piyush Goyal.

The announcement marks a historic milestone in India-EU economic relations and trade engagement with key global partners.

The FTA comes after intense negotiations following the re-launch of talks in 2022 and represents the culmination of years of sustained dialogue and cooperation between India and the EU.

The agreement reflects the political will and shared vision of both sides to deliver a balanced, modern, and rules-based economic and trade partnership.

The European Union is one of India's largest trading partners, with bilateral trade in goods and services witnessing steady growth over the years.

In 2024-25, India's bilateral trade in goods with the EU stood at Rs 11.5 lakh crore (USD 136.54 billion), with exports valued at Rs 6.4 lakh crore (USD 75.85 billion) and imports at Rs 5.1 lakh crore (USD 60.68 billion). India-EU trade in services reached Rs 7.2 lakh crore (USD 83.10 billion) in 2024.

The integration of these two large, diverse, and complementary economies is expected to create unprecedented trade and investment opportunities, including in the pharmaceutical sector. (ANI)