Heartiest congratulations to Hon’ble Prime Minister Narendra Modi ji on the historic India-UK Free Trade Agreement (FTA) and the Double Contribution Convention, a landmark achievement amid global trade uncertainties. At AIMED, we applaud this much-awaited ambitious trade deal that is set to significantly strengthen economic ties between India and the UK, unlocking new opportunities for the medical devices sector through enhanced collaboration, innovation, and streamlined trade processes.
The FTA addresses key challenges in the MedTech sector by reducing customs tariffs on critical medical devices, such as consumables, implants, and diagnostic equipment. It also harmonizes non-tariff barriers, including prolonged regulatory approval processes in the UK, which have historically limited India’s medical device exports.
The agreement fosters innovation by promoting joint R&D initiatives and facilitates technology transfer and the establishment of Centres of Excellence in India, enabling the development of affordable, high-quality medical devices tailored to both markets.
By easing bilateral trade barriers, the deal empowers businesses to export, import, and invest in a more diverse and affordable range of healthcare products.
Indian MedTech exports, valued at $3.8 billion in 2023-24, particularly to the UK, are poised for growth, while UK firms gain improved access to India’s $12 billion medical devices market, projected to reach $50 billion by 2030.
This FTA not only strengthens the MedTech ecosystem but also sets a template for India’s trade negotiations with other developed nations, driving economic growth and healthcare accessibility.
Dr Rajiv Chhibber, Joint Coordinator AIMED