The government on Wednesday, 25 April, gave an ex-post facto approval for an agreement signed between India and an African island nation, Sao Tome and Principe, to increase cooperation in the field of medicinal plants.
The memorandum of understanding was signed on 14 March this year, an official statement said.
The decision was taken in the Union Cabinet meeting, chaired by Prime Minister Narendra Modi.
The MoU assumes significance as there is global increase in traditional and alternative health care systems.
It is resulting in world herbal trade which stands at USD 120 billion and is expected to reach USD 7 trillion by 2050, it said.
"Moreover, there are large number of medicinal plants, particularly those found in tropical region, which are common to the two countries given similar geo-climatic factors," it added.
The Cabinet also approved a pact with medicine regulatory agencies of BRICS nations on cooperation in the field of regulation of medical products for human use.
"The MoU would facilitate better understanding about the regulatory aspects between the parties and could help in increasing India's export of medical products to BRICS countries," according to an official statement.
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