AMN/ WEB DESK
India’s pharm export is growing at 110 percent and the Country has the capacity to supply generic medicines to the whole world. Speaking at the first outreach program after the free trade agreement between India and Australia at Chennai on Tuesday, Dr.M. Balaji, Joint Secretary of the Ministry of Commerce & Industry said that India had undertaken a dialogue with the WTO for supplying vaccines, therapeutics and diagnostics to 167 countries. Mr. Balaji said that India has signed the free trade agreements with Canada, European Union, the UK last year and talks were going on with the Gulf countries presently.
He quoted that 25 percent of the global wheat supply from Russia and Ukraine had affected the supply chain internationally and with the pandemic still prevalent in China trade activities still had to recuperate at a larger level. He said that Australia had offered duty free access for agriculture, sports goods, jewelry, furniture, and medical devices He said that pharmaceutical exports will reach 100 million in the next two years.
He said that India is a labor surplus country which was a positive tangent for growth. He said that Indian students can benefit from the agreement which means that studying at an institution recognized by both countries would have the opportunity to work in Australia. In her address, Australian Consul General Sarah Kirlew said that Australia has a growing Indian diaspora community and the Free trade agreement between both the countries was ratified by Australian Parliament on the 21st November last year and the came into force on 29th December.
She said that Indian consumers and manufacturers will be benefitted as the there was agreement to resolve offshore taxation concerns of major IT firms. She said that study work visas for Indian students will be offered including Chefs and Yoga teachers.
Rajalakshmi Devaraj ,Additional DGFT said that Australia was the 17th largest trading partner with India and India was the ninth largest trading partner for Australia. She said that the agreement would be beneficial to the exporters of both the countries.