Thank you, Aditya.
Distinguished panelists
representatives of Swiss and Indian biotech Industry
Good afternoon,
Let me first thank the Organisers of the "Swiss Biotech Day” for inviting me to partake in today’s round table.
2. Friends, we meet post-signing of Trade and Economic Partnership Agreement between EFTA countries and India in March this year. This, first of its kind agreement with any European country, is a major milestone in India’s trade and economic engagement with EFTA. It will set standards and benchmarks for our free trade negotiations with other countries and regional blocks.
3. This innovative and well balanced agreement was concluded after a total of 21 rounds of negotiations spanning over 16 years and as PM Modi has said in his message, it takes into account our respective developmental aspirations.
4. I was happy to contribute my part in expediting the process since taking up my assignment in June last year. With a sense of commitment and urgency in the past 10 months, our two sides held multiple rounds of negotiations to arrive at a mutually agreeable text which took care of our sensitivities in many areas of commerce, from pharma to agriculture and clean energy to financial services.
5. The agreement will open up new opportunities by liberalization of trade in goods and services, creating investment opportunities and promoting competition while also providing for adequate and non-discriminatory protection and enforcement of IPR and contributing to sustainable development.
6. With a scheduled elimination or substantial reduction of customs duties applicable to over 95% of commodity exports to India, the accord offers a distinct competitive advantage to EFTA States in terms of being ahead of other EU competitors.
7. Switzerland, being an innovation-focused and export-oriented nation will get greater market access for its goods and services in India, a country which has a huge domestic market, a big talent pool, and a forward-looking and fastest growing large economy.
8. Both India and Switzerland are amongst each other’s top trading partners globally. Our investment partnership is also noteworthy. More than 140 Indian companies are present in Switzerland. They have created 5,000 jobs. Similarly, around 330 Swiss companies are doing business in India providing employment to 1,35,000 people. We expect a quick paced noticeable growth in all these numbers in future, thanks to TEPA.
9. Friends, talking of our biotech collaboration, Swiss Biotech companies have partnered with Indian research organizations and manufacturing companies to leverage India's cost-effective production capabilities for drugs and pharmaceuticals. Similarly, there is good collaboration institutionally to conduct clinical trials and regulatory studies for new drugs and medical devices.
10. Friends, India, dubbed as " the Global pharmacy ", has emerged as the world's largest supplier of affordable, high quality generic medicines and vaccines. It has the second-largest number of FDA approved manufacturing plants. In 2023, our Biotech industry was valued at USD 137 billion. It is expected to grow to USD 300 billion by 2030.
11. The sector’s growth is fueled by sizeable FDIs, diverse local talent pool, and supportive government policies. And, I may also mention that the regulatory framework for biotechnology in India is also evolving to keep pace with scientific advancements and to ensure safety, efficacy, and ethical standards.
12. Now let us look at the new opportunities TEPA creates for our mutually beneficial future Biotech collaboration. A new precedent has been set by incorporating clauses related to RDP, Regulatory Data Protection, 100 billion US$ investment pledges by EFTA countries in India in the next 15 years, and forging institutional partnerships. This can go a long way in developing mutually rewarding health-sector partnerships.
13. Enormous effort was put in during negotiation process to arrive on a common ground on some highly sensitive areas. After consulting experts and industry bodies, an agreement was reached which happily addresses the concerns of various stakeholders, to acceptable levels to safeguard their interests.
14. The TEPA would prevent any discrimination against patented Swiss products in India. It simplifies the patent opposition and notification processes. Moreover, there is provision for robust and non-discriminatory protection and enforcement of IPR, including measures against the unfair use of "undisclosed information" (which includes RDP), in accordance with TRIPS agreement. This will encourage early entry of innovations in India and improve India's image as an innovation friendly country.
15. There is provision for harmonization of technical regulations and mutual recognition of conformity assessment results. This harmonization could also include regulatory pathways and hence reduce delays for the patients in accessing treatments.
And equally important, TEPA framework would facilitate partnerships among centers of excellence, government agencies, and expert institutes in healthcare and biotechnology, promoting talent development.
16. Dear Friends, I am happy to conclude by saying that given our long standing cordial ties and our complementarities in our economies, India and Switzerland have embarked on a new journey of economic partnership through the signing of TEPA. Our two Governments have laid the pathway for mutually beneficial cooperation and collaborations. Businesses on both sides, especially in pharma and biotech sectors, should now work together to identify fresh opportunities and forge alliances to realize the still to be tapped potential.
I thank you.
*****
