New Delhi, March 9 The nine free trade agreements (FTAs) finalized by India in the last four years will provide significant business opportunities for the domestic pharmaceutical and healthcare sectors, Commerce and Industry Minister Piyush Goyal said on Monday.
India has finalized FTAs with the UK, Mauritius, Australia, the US, the European Union, the four-nation bloc EFTA, Oman, the UAE and New Zealand.
While the agreements with Mauritius, Australia, the UAE and EFTA have been implemented, the remaining agreements are likely to come into effect soon.
"These agreements open up new opportunities for the pharmaceutical, healthcare, and medical technology sectors," Goyal said in a post-Budget webinar.
He suggested that the industry focus on taking full advantage of these agreements and developing a strong healthcare ecosystem.
"We need to develop a comprehensive, holistic, and integrated healthcare system," he said.
The minister informed that FTA negotiations with the Gulf Cooperation Council and Eurasia are progressing well.
Speaking at a separate function on intellectual property, Goyal said the ministry is taking steps to expedite the approval of IP applications.
He informed that patent filings in the country have increased by 215 per cent over the last decade.
"Our aim is that the IP approval process, whether it's for trademarks, patents, copyrights, or designs, or geographical indications...we should be among the top 5 in the world," the minister said.