India’s government is reportedly seeing such a Memorandum as an opportunity to expand exports to the European Union in general, entry to which has been stymied due to restrictions in the EU’s Traditional Herbal Medicinal Products Directive (THMPD), particularly with amendments added in 2011.
Indian exports of traditional medicine amount to about $1 billion per year, just about 1.25% of total exports in the worldwide phytopharmaceutical subsector.
According to India-based The Hindu, the Memorandum “will seek to strengthen bilateral cooperation in this field by enhancing use of the traditional system of medicine, promoting mutual exchange of information, experts, scientists, practitioners and students.”
On Tuesday, the India-Hungary joint commission on economic cooperation agreed to boost the newly-established Indo-Hungarian Strategic Research Fund to €4 million, which each party contributing an equal share. Foreign Trade Secretary Péter Szijjárto was on hand for the New Delhi meeting, which saw an agreement in the traditional medicine field signed as well.
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