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The India-UK trade agreement marks a transformative phase for the pharmaceutical industry, fostering collaborations in bulk drug imports and advanced research, according to Pharmexcil. On Thursday, the Pharmaceuticals Export Promotion Council of India highlighted the deal’s significance in strengthening economic ties, particularly within the pharmaceutical sector.
Pharmexcil Chairman Namit Joshi views the Free Trade Agreement (FTA) as a crucial step in enhancing economic cooperation, expanding India’s reach in the UK market. With exports reaching USD 914 million in FY24, the agreement is expected to improve supply chains and boost foreign direct investment (FDI).
Sudarshan Jain of the Indian Pharmaceutical Alliance notes that the deal will broaden trade opportunities, facilitating the supply of affordable, quality medicines to the UK. The Indian pharmaceutical industry ranks third globally by volume and 14th by value, with exports growing by 10% annually to USD 30.5 billion in FY2024-25.
📚 Reading Comprehension Quiz
According to the passage, which of the following is NOT a direct outcome or benefit of the India-UK trade agreement for the pharmaceutical industry?
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