India, Australia discuss pharma pricing, critical minerals cooperation

India and Australia have discussed issues related to pharmaceutical pricing control on generic drugs and the need for closer cooperation in critical minerals, the Union Commerce Ministry said.

The two sides held the first Joint Committee Meeting (JCM) in Canberra under the India-Australia Economic Co-operation and Trade Agreement (Ind-Aus ECTA) where they also talked about establishing disease-free zones for shrimps and prawns in India, the ministry stated.

Certain critical services issues like facilitation of cross-border e-payments and mutual recognition of qualifications in nursing and dentistry were also addressed during the meeting.

India and Australia are exploring joint investments to build new supply chains for critical minerals processed in Australia. This would aid India's plans to reduce emissions from its electricity network and become a global manufacturing hub for electric vehicles and smartphones.

"The two sides have decided to work closely on timely resolution of market access issues, deepen people-to-people contacts, and create an institutional mechanism for sharing of preferential import data," the ministry said.

The meeting acknowledged the smooth implementation of the ECTA that came into force on December 29, 2022. Issues related to mutual recognition agreements on organic products, market access for certain Indian agri products, pharmaceutical pricing control in Australia, and progress made by working groups on whisky and wine were discussed.

At the WTO, India appreciated Australia's support for an early permanent solution to public stock holding. Australia sought India's backing for a plurilateral arrangement for domestic support for services.