India and Venezuela Agree to Reactivate Joint Mechanism, Shift Focus to Critical Minerals and Pharma Trade
SDG 9: Industry, Innovation, and Infrastructure | SDG 17: Partnerships for the Goals
Institutions: Ministry of Commerce & Industry
Union Minister of Commerce and Industry, Shri Piyush Goyal, held a bilateral meeting with H.E. Mr. Hector Silva, Minister of Ecological Mining Development of Venezuela, on the sidelines of the 30th CII Partnership Summit. The meeting established a mutual commitment to expand economic engagement beyond the traditional oil sector.
The core policy agenda for India focuses on:
Critical Minerals: Venezuela expressed strong interest in expanding cooperation in critical minerals and attracting Indian investment.
Trade Facilitation: Shri Goyal urged Venezuela to consider accepting the Indian Pharmacopeia to facilitate pharmaceutical trade.
Bilateral Mechanism: India emphasized the urgent need to reactivate the IndiaβVenezuela Joint Committee Mechanism, which has been dormant for a decade, to provide a structured path for these initiatives.
Strategic Investment: The ongoing ONGC operations in Venezuela were noted as a foundation for deeper collaboration in mining and exploration, with opportunities also highlighted for the automobile sector.
What is the Indian Pharmacopeia, and why is its acceptance crucial for trade with Venezuela?β The Indian Pharmacopeia (IP) is the official regulatory standard that defines the identity, purity, and quality of pharmaceutical substances and finished drugs in India. Venezuela considering its acceptance is a policy step that would grant market access to Indian pharmaceutical exports by recognizing that Indian-manufactured drugs meet the required international quality benchmarks, thereby bypassing complex, costly, and time-consuming local registration procedures.
Relevant Question for Policy Stakeholders: What specific timeline and deliverables should India set for the reactivation of the Joint Committee Mechanism to ensure actionable progress on critical mineral exploration?
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