South Korea’s state quarantine agency said Tuesday it clinched a memorandum of understanding with its Chinese counterpart to bolster exchanges in the field of veterinary medicine, including the exchange of technologies and sharing of testing techniques. The Animal and Plant Quarantine Agency said the agreement with the China Institute of Veterinary Drug Control is anticipated to help South Korean firms set eyes on the Chinese market as the exchange will provide more details on licensing of local drugs in Asia’s biggest market.

China’s market for veterinary drug products came to US$7 billion in 2017, accounting for roughly 23 percent of the world’s market, the agency said. South Korean firms, however, have been facing hurdles due to the lack of information in relations to winning nods from Chinese authorities. Accordingly, the agency said the agreement will help in lowering barriers.

South Korea shipped 306.4 billion won (US$271 million) worth of animal medicines globally in 2017, with China accounting for only 250 million won. The agency said the two countries will exchange experts and regularly hold symposiums under the agreement, helping South Korean and China to better understand each other’s veterinary drug markets.

(Yonhap)