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'India should demand special exemptions on medical devices from EU under FTA', global think tank GTRI suggests
GTRI: 'Think tank GTRI suggested that India should demand some special exemptions on medical devices from the European Union under the proposed free trade agreement so that exports can be boosted. India should reduce tariffs only when the EU removes its non-essential barriers.
India should pursue some special exceptions in the medical device industry from the European Union (EU) in the planned free trade agreement (FTA). This will enable Indian exports to grow. This was proposed by the Global Trade Research Initiative (GTRI) on Sunday.
India imposes a tariff ranging from 0 to 10 percent on most medical devices. If the tariff on medical devices is reduced by India and the regulatory issues in the EU are not resolved, it could result in a higher import from the EU but could decrease exports. GTRI said India should request some exceptions in return in order to have a balanced and equitable agreement. Tariffs on medical devices should be reduced by India only when the EU removes unnecessary tariff barriers.
The India-EU FTA negotiations for medical devices are uneven. While the EU demands zero tariffs on medical devices from India, it maintains high regulatory barriers, which makes it difficult for India to export to EU markets.
