Must seek reciprocity for medical device in EU FTA

India should seek reciprocal concessions from the European Union (EU) under the proposed free trade agreement (FTA) in the medical devices sector to promote its exports, economic think tank GTRI said on Sunday.

- Press Trust of India

NEW DELHI:

India charges zero to 10% tariffs on most medical devices and a duty cut by India on medical devices without addressing EU's regulatory challenges will result in low exports but large-scale imports from EU.

"To achieve a fair trade deal, India must demand reciprocity. India should cut tariffs on medical devices only if the EU reduces its non-tariff barriers," the Global Trade Research Initiative (GTRI) said.

The ongoing India-EU FTA negotiations on medical devices are asymmetrical.

While the EU demands zero tariffs on medical devices from India, it maintains high regulatory barriers that hinder Indian exports in the EU markets, it added.