Australia's FTA with India opens door to other agreements that could loosen factory inspections
India's interim free trade agreement with Australia is set to offer a significant relaxation of factory inspections, which could pave the way for many more commercial deals with developed countries, according to Pharmexcil, India's pharmaceutical export promotion council.
Australia's pharmaceutical market is around $14.6 billion, comprising 12% generics and 18% over-the-counter (OTC) products. A bilateral Economic Cooperation and Trade Agreement that came into force earlier this month between India and Australia provides duty-free access to Indian pharmaceuticals.
Indian pharma firms exported $387 million to Australia in 2020-21, up 25% from the previous year. Outbound pharma shipments to Australia represent 1.63% of India's total pharma exports.
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