India, UK to discuss IPR issues in Aug trade talks
Mint had reported that India may not budge from its opposition to the provisions on regulatory data protection as well as patent extension during the free trade talks with the EU and UK. Regulatory data protection or data exclusivity have been among EU’s demands since 2013 but continues to be a red line for India. Patent term extension allows secondary patenting or ‘evergreening’, a technique used by companies to prevent the entry of generic drugmakers.
Extension is typically sought for additional patents following minor changes to the original drug. The bilateral trade between the countries increased to $20.36 billion in 2022-23 from $17.5 billion in 2021-22. India’s main exports to the UK are ready-made garments and textiles, gems and jewellery, engineering goods, petroleum and petrochemical products, transport equipment, spices, machinery and instruments, pharmaceuticals and marine products.
The main imports include precious and semi-precious stones, ores and metal scraps, engineering goods, professional instruments other than electronics, chemicals and machinery. In the services sector, the UK is the largest market in Europe for Indian IT services. In the field of investment, the UK is one of the top investors in India.
In 2022-23, India received $1.74 billion in foreign direct investment from the UK as against $1 billion in 2021-22. During April 2000 and March 2023, investments stood at $33.9 billion. Under such pacts, two trading partners significantly reduce or eliminate customs duties on the maximum number of goods traded between them, besides easing norms to promote trade in services and investments.
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