New Delhi: India’s exports of generic medicines and medical devices, such as X-ray systems and surgical instruments, will get a major boost with Britain agreeing on zero duty under a free trade agreement.
This is part of the free trade agreement inked between the UK and India on Thursday in London in the presence of Prime Minister Narendra Modi and UK premier Keir Starmer.
“Significant share of medical devices like surgical instruments, diagnostic equipments, ECG machines, X-Ray systems will not attract any duty,” according to a commerce ministry official.
This will reduce costs for Indian med-tech firms and make their products more competitive in the UK market, he added.
“Given the UK’s shift away from reliance on Chinese imports post-Brexit and COVID-19, Indian manufacturers are poised to emerge as a favoured, cost-effective alternative, especially with zero-duty pricing for medical devices,” the official stated.
The ministry stated that the zero tariff provisions under the FTA are expected to significantly enhance the competitiveness of Indian generics in the UK market, which remains India’s largest pharmaceutical export destination in
Europe.