Last Updated on December 2, 2024 by The Health Master
Pharma Pricing
India and Australia recently held their first Joint Committee Meeting (JCM) under the India-Australia Economic Co-operation and Trade Agreement (Ind-Aus ECTA) in Canberra with respect to pharma pricing control in Australia.
The meeting aimed to address key trade issues and explore avenues for deeper economic cooperation.
Focus on Market Access and Regulatory Challenges
Generic Medicine Pricing:
A key concern raised by India was pharma pricing control in Australia, particularly its impact on affordable access to generic medicines.
Both sides agreed to work towards a solution that ensures continued market access for these life-saving drugs.
Enhancing Services and Investment
- Digital Economy: India requested facilitation for cross-border e-payments, a crucial step for a growing digital trade relationship.
- Professional Services: MRAs in professions like nursing and dentistry were discussed, aiming to streamline the process for Indian professionals seeking to work in Australia.
CECA Negotiations: Moving Forward
Separate discussions were held at the Chief Negotiator level to review progress on the ongoing India-Australia Comprehensive Economic Cooperation Agreement (CECA) negotiations.
Both sides aimed to identify a clear path forward for a mutually beneficial agreement.
Australia: A Strategic Trading Partner
The meeting highlighted Australia’s significance as a trading partner for India in the Oceania region.
Bilateral merchandise trade reached USD 24 billion in 2023-24, showcasing immense potential for further growth.
The JCM serves as a platform to solidify trade ties and explore new avenues for collaboration in areas like trade facilitation, investment promotion, and technology transfer.
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