SEOUL, Nov. 24 (Yonhap) -- South Korea and Singapore have agreed to expand cooperation in the production and quality control of pharmaceuticals, the Ministry of Food and Drug Safety said Sunday.
With the signing of the good manufacturing practices (GMP) pact, the two partners will exchange pharmaceutical-related knowhow, data on manufacturers and production facilities and information on defective products and recalls, according to the ministry.
The pact comes as Asia's fourth-largest economy hosts the special Association of Southeast Asian Nations (ASEAN) summit in the port city of Busan, 450 kilometers southeast of Seoul.
The ASEAN pharmaceutical market stood at US$25.9 billion as of 2018, with South Korea ranking 10th among countries that ship drugs to the 10-member regional bloc. South Korean drugs made up only 3.2 percent of the total market share but trade data shows steady gains, with growth reaching 10.4 percent annually from 2014 to 2018.
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