Indonesia's Trade Ministry raised its concern that the free trade agreement between Vietnam and the EU is hurting Indonesian pharmaceutical exports to Vietnam. Vietnam is traditionally a major export destination for Indonesian pharmaceutical products. According to Addy Soemantry, Indonesian Trade Attaché in Hanoi, since Vietnam adopted stricter EU standards in 2020, Indonesian drug makers have struggled to meet them, leading to a sharp decline in exports. Indonesia’s pharmaceutical exports to Vietnam declined by 48.2% in 2021, although rose again in 2022. The Vietnam-EU Free Trade Agreement, ratified in 2019 and effective in 2020, led the Vietnamese government to align the standards for all products entering the country with those of the European Union. The ministry noted that Vietnam's pharmaceutical market is booming, and imports are on the rise, with European companies taking a significant share. Despite the recent difficulties, Indonesia may still benefit from this growth in the future.Link di fonte: https://indonesiabusinesspost.com/risks-opportunities/indonesian-pharmaceutical-exports-at-stake-amid-vietnam-eu-free-trade-agreement/ (ICE GIACARTA)

Fonte notizia: Indonesia Business Post, 7 March 2024