India and the UAE held discussions on strengthening and simplifying trade in pharmaceuticals and healthcare products with the aim of improving economic ties, the commerce ministry said on Monday.

The UAE conveyed a positive outlook on expediting registration processes and regulatory facilitation, while India highlighted its openness and readiness for inspections and audits by UAE authorities, the ministry added.

The matter was taken up during a meeting between Commerce and Industry Minister Piyush Goyal and UAE Minister of Foreign Trade Thani bin Ahmed Al Zeyoudi on August 29.

"In the pharma sector, key issues were discussed in light of evolving geopolitical challenges. Both sides exchanged views on ways to further facilitate trade in pharmaceuticals and healthcare products," it said.

The talks also covered emerging opportunities in traditional medicine, with special emphasis on ayurvedic products under the India-UAE partnership.

Both sides also reviewed the progress of the free trade agreement, which came into effect in May 2022, and reaffirmed the goal of raising two-way trade to $100 billion in non-oil and non-precious metals by 2030.

The ministers stressed the importance of working closely in the current global scenario to further strengthen bilateral economic cooperation.

They also underlined the need for the timely sharing of trade data for effective monitoring under the Comprehensive Economic Partnership Agreement and agreed that the subcommittee on services would meet within two months.

India welcomed the formation of the Emirates Drug Establishment and its role in addressing concerns of Indian pharmaceutical companies. On market access and regulatory issues, both ministers agreed to raise these matters for early resolution in the CEPA Joint Committee.

In the food sector, the UAE raised concerns affecting the Indian food and beverages industry, including high retail prices, pricing norms and mandatory testing of rice consignments.