RSS   Newsletter   Contact   Advertise with us

India targets Russia with pharma products

Share on Twitter Share on LinkedIn
Staff writer ▼ | September 23, 2013
India will push for greater market access for its pharmaceutical products and beef in Russian market after the Russian Customs Union lifted a ban on Indian non-basmati rice and oilseeds.
Inda pharma
Inda pharmaIndia will push for greater market access for its pharmaceutical products and beef in Russian market after the Russian Customs Union lifted a ban on Indian non-basmati rice and oilseeds.


Trade minister Anand Sharma raised the issue with his counterpart Denis Manturov at the 7th India Russia forum on Trade and Investment in Moscow. Earlier this month, commerce secretary S.R. Rao told reporters that India hopes to make significant gains in the Russian market with the country lifting the bans.

India is looking to expand exports to newer markets to curb a bloated trade and current account deficit. The Russian Federation had imposed the ban eight months ago due to the presence of khapra beetles pest in rice and aflatoxin contamination of peanuts.

India insists that its egg powder meets the customs union requirements and has invited Russian authorities to enter an arrangement with its Export Inspection Council, but without any response. During the recently held India-Russia working group on Trade and Economic Cooperation earlier this month, the Russian side said that market access can be granted if the Indian products meet the requirements and norms of the Customs Union.

The pharmaceutical industry is facing barriers in the trade of pharmaceutical products to Russia. The lack of specified time periods for implementation of new variation, registration and confirmation leads to avoidable delay in supplies, commencement of production and launch of new products in the market.

India's exports to Russia picked up 29.1% to $2.3 billion in 2012-13. During the first quarter of the financial year (April-June), exports stood at $528.54 million.

India is currently exploring the possibility of a comprehensive economic cooperation agreement with the Customs Union, which includes Belarus, Kazakhstan, and Russia. Kyrgyzstan is expected to be granted observer status.


 

MORE INSIDE POST