• UGI USER
  • Feb 15, 2024
  • 13 Likes
  • 0 Comments

CLAUSE IN DRAFT INDIA-EFTA PACT MAY HIT DRUG INDUSTRY

Why in the news?

A clause in the India-EFTA trade agreement draft may delay access to affordable generic drugs in India by at least six years.

source:themirror

About Trade Agreement :

  • It involves restricting reliance on undisclosed test data for drug approval.
  • Intellectual property rights remain a contentious issue in negotiations.
  • EFTA negotiations in Delhi addressed TEPA draft concerns.
The European Free Trade Association (EFTA)

·    EFTA, founded in 1960, offers an alternative trade bloc to the EU.

·    Members include Iceland, Liechtenstein, Norway, and Switzerland.

·    EFTA accounts for 2.5% of India’s total merchandise trade.

Trade and Economic Partnership Agreement (TEPA)

·    Founded in 2018

·    TEPA aims to boost trade and investment between India and EFTA.

·    Goals include tariff reduction, fair market access, and improved IP rights protection.