Table of Contents
WHAT JUST HAPPENED?
- Imran Khan-led Pakistan government has restored partial trade with India bowing down to domestic pressure from its traders.
- Pakistan will now import life-saving drugs from its arch-rival.
- These medicines include those for cancer, tuberculosis and cardiac problems.
- Pakistan imports almost 50 per cent of raw materials for medicines from India.
NUMBERS
- Trade between both nations had stood at just $2.4 billion in 2017-18, accounting for a mere 0.31 per cent of India’s total trade with the world and just about 3.2 per cent of Pakistan’s global trade.
DETAILS
- Pakistani pharmaceutical companies import more than 50 percent of their raw material from India and China to produce medicines, according to the Federation of Pakistan Chamber of Commerce and Industry (FPCCI). The material bought from India is cheaper than any other part of the world
INDIA’S TOTAL PHARMA EXPORTS
INDIA’S TOTAL PHARMA EXPORTS
- North America constitutes about 30 per cent of Indian pharma exports, followed by Africa and the European Union with 19 per cent and 16 per cent share, respectively, according to the data. According to industry experts, the Chinese market is also gradually opening up and the government is working to push India’s exports there as it holds huge potential.
- The meeting of SAARC Council of Ministers is an annual affair and usually takes place on the sidelines of the United Nations General Assembly, this time, there were speculations it might not happen due to escalating diplomatic tensions between India and Pakistan. The 18th SAARC summit was held in Kathmandu in 2014 and Pakistan was to host the next summit in 2016.
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