Highlights

UnioUnion Cabinet of India formally approved the Memorandum of understanding signed between India and UK on Medical Product Regulation. Cabinet chaired by PM Modi and Prime Minister Of India is the Ex-officio chairman of Cabinet. The Memorandum of understanding was signed between UK Medicines and Healthcare Products Regulatory Agency and Central Drugs Standard Control Organization.

Points To Note

The Memorandum of understanding will help establish fruitful cooperation in matters relating to medical products registration. The main areas of cooperation between the authorities are as follows

  • To exchange safety information
  • To promote regulatory framework
  • To exchange cooperation in Good Manufacturing Practices, Good Laboratory Practices, Good Distribution Practices and Good Pharmacovigilance Practices.
  • To exchange information and control unlicensed imports and exports.
  • To participate in seminars, symposia, scientific and practical conferences

Significance of Agreement

The agreement aims to promote an understanding between India and UK of each other’s regulatory framework, requirements and processes and to facilitate future regulatory strengthening initiatives for both countries. The agreement also includes exchange of information on laws and regulations regarding medicines and medical devices and information exchange to support efforts to control unlicensed exports. India and UK MoU on Medical Product Regulation India and UK MoU on Medical Product Regulation

India-UK Free Trade Agreement

  • India-UK FTA to an early harvest scheme or a limited trade agreement to lower tariffs on a small set of goods apart from easing rules for select services.
  • India-UK also resolved to cooperate in the health sector especially in the wake of pandemic.
  • Earlier, India and United Kingdom were involved in discussing a preferential trading arrangement under the proposed India-European Union FTA.
  • In Free Trade Agreement, Indian and UK trading partners eliminate or significantly reduce import duties on the maximum number of goods traded between them.

India and UK Trade

Indian and UK bilateral trade stood at $15.5 billion in 2019-20 as against $16.87 billion in 2018-19. India has engagement with the United Kingdom in sectors like Pharmaceutical, textiles, leather, industrial machinery, furniture, and toys. India is also looking to the United Kingdom to support it with technology based products such as high quality cameras, medical devices, and automobiles. Similarly, the United Kingdom is one of the largest investors in India, among the G20 countries.