The government on Wednesday said that Oman has agreed to fast track approval for Indian pharma products that are already registered by the US Food and Drug Administration (USFDA), UK drug regulator MHRA and European Medicines Agency.
Oman has also requested India to consider negotiating a preferential trade agreement, the commerce and industry ministry said.
The issues were discussed at the 10th session of the India-Oman Joint Commission Meeting (JCM) which was co-chaired by commerce and industry minister Piyush Goyal and Oman’s Minister for Commerce, Industry and Investment Promotion Qais bin Mohammed al Yousef, who is visiting India.
“Oman has agreed to India’s request for fast tracking of approvals of registration of Indian pharma products already registered by USFDA, UKMHRA, EMA”, said Srikar K Reddy, joint secretary in the Department of Commerce.
India’s pharma sector accounts for 3.5% of Oman’s total pharma imports.
“We expect that with the fast tracking of registration of Indian pharma products, we can significantly gain in the Omani pharma market which is estimated at $850 million,” Reddy said.
On the preferential trade agreement, Reddy said that India has noted Oman’s request.
“We will undertake a feasibility study and take a final decision based on that joint study,” he said.
Bilateral trade rose to $9.94 billion in FY22 from $5.4 billion in 2020-21.
One of the significant outcomes of the meeting include agreement on expeditious conclusion of all MoUs/ agreements under discussion, including on standards and metrology, Double Taxation Avoidance Agreement, Bilateral Investment Treaty, and RuPay card acceptance in Oman.
On the RuPay card issue, Reddy said Oman has conveyed that it will positively consider India’s request.
India’s RuPay is accepted in the UAE, which recently signed a trade pact with India. Both UAE and Oman are part of the Gulf Cooperation Council with whom it
is negotiating a trade pact.
The GCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.
New Delhi has also asked Oman to send a technical team here regarding discussion on technical standards for maximum residual limit in Indian rice exports.
“Indian firms have invested heavily in Oman in various sectors like iron and steel, cement, fertilizers, textile, cables, chemicals, automotive, etc,” the ministry said in a statement.
There are over 6,000 Indian enterprises and establishments in Oman with an estimated investment of $7.5 billion. Cumulative FDI equity inflows from Oman to India during April 2000-December 2021 were $558.68 million.
Credits – Source – https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/oman-to-fast-track-nods-to-indian-pharma-products-registered-by-us-uk-europe/articleshow/91498753.cms