In a landmark move for India’s pharmaceutical powerhouse, the newly signed Free Trade Agreement (FTA) with the European Union opens doors to Europe’s massive $572.3 billion pharmaceuticals and medical devices market. This pact, hailed by government officials, promises to supercharge the Indian drug industry, fostering expansion, job creation, and a stronger global footprint.
The Ministry of Chemicals and Fertilizers emphasized that the deal will empower drug companies to scale operations, generate skilled employment, and cement India’s role as the ‘world’s pharmacy.’ Small and medium enterprises (SMEs) stand to gain significantly, with enhanced participation in global supply chains and boosted industrial jobs.
Union Minister JP Nadda described the FTA as a game-changer. ‘Access to Europe’s $572.3 billion pharma and medtech market, coupled with reduced tariffs on Indian medical devices, will accelerate growth in this vital sector,’ he stated. Under Prime Minister Narendra Modi’s leadership, India is solidifying its position as a reliable global partner in health and manufacturing.
Crafted with modern rules to tackle global challenges, the agreement deepens ties between the world’s fourth and second-largest economies. Indian firms will enjoy preferential market access, lower tariffs on ‘Made in India’ devices, and rapid growth in chemicals, fertilizers, drugs, cosmetics, soaps, and detergents.
The deal also spotlights industrial hubs in Gujarat, Maharashtra, Karnataka, and Andhra Pradesh. Coastal export centers will drive export-led development, spurring jobs in processing industries. Ultimately, the India-EU FTA strengthens shared values, spurs innovation, and lays the foundation for inclusive, resilient growth on both sides.