European Industry Backs Removal of Trade Barriers in Asia and Third World

The European Federation of Pharmaceutical Industries and Associations (EFPIA) said this week that it welcomes the European Commission’s new trade and investment strategy, Trade for All: Towards a more responsible trade and investment policy for the European Union, as "a comprehensive means of addressing existing barriers to trade in a constructive and inclusive manner".

The proposed removal of trade barriers and the elimination of regulatory hurdles in third countries, while increasing market access, "will enable the pharmaceutical industry to operate in a more transparent and predictable environment", said EFPIA.

EFPIA is supportive of the Commission’s drive to prioritize the conclusion of major ongoing projects during this mandate, including a successful conclusion of TTIP, the EU-Japan free trade agreement (FTA) and the EU-China investment agreement, and welcomes the upgrade of the Turkey Customs Union and renewed focus on the Association of Southeast Asian Nations (ASEAN) region.

FTAs that include provisions on enhanced regulatory cooperation, the removal of Non-Tariff Barriers and obstacles to public procurement will open up markets and create new opportunities for business, employment and increased access to medicines for patients worldwide. Moreover, the inclusion of IP provisions aligned with international standards will provide a crucial platform to foster innovation and incentives that are essential to the development of new medicines.