A joint declaration by various EU-based trade organizations has been announced, with the aim of championing open trade for a prosperous future. The European Federation of Pharmaceutical Industries and Associations (EFPIA) is one notable signatory among 42 others. With an emphasis on the critical role of open trade in fostering economic growth, job creation, and resilience for the EU, the declaration reinforces the reasons why trade continues to provide more choice for consumers and more competition for businesses, as well as attract foreign investors.
The overall focus of the declaration on open trade, market access, and regulatory cooperation is relevant to all industries, including pharmaceuticals. Key areas of the declaration include diversification in sourcing and exports to increase resilience to global crises; removal of trade barriers; and greater regulatory cooperation. It advocates for a robust and forward-looking EU trade policy and a dedicated trade commissioner.
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Free Trade Agreements (FTAs) to enhance market access, reduce non-tariff barriers, and foster regulatory cooperation are crucial for the pharmaceutical industry. The declaration also includes an emphasis on intellectual property rights protection, which will align with the industry's need to safeguard innovation.
Moreover, the push for stronger cooperation between the EU, third countries, and private sectors, along with trade diplomacy, suggests that the pharmaceutical industry could stand to benefit from more streamlined processes and opportunities to engage with regulatory bodies and trade missions. These measures could also enhance the industry's ability to export products globally and tap into new markets.
The coalition says it will be using diplomacy to avoid potential political tensions through several key strategies, including an emphasis on the importance of trade diplomacy to prevent and resolve disputes and barriers. It encourages the use of trade missions, regulatory cooperation, and dialogue between the EU and its trade partners to promote EU products, share best practices, and prevent misunderstandings in trade relationships.
Through these strategies, the coalition seeks to promote an ambitious trade agenda while minimizing political tensions by focusing on economic benefits, cooperation, and adherence to established international rules.
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