Govt defers talks with EU on free trade pact

Tribune News Service

New Delhi, August 5

Expressing disappointment and concern over the EU banning sale of around 700 pharma products clinically tested by GVK Biosciences, India has deferred the talks with the European Union on the proposed free trade agreement.

Chief negotiators of India and the EU were scheduled to resume the negotiations on the Broad-based Investment and Trade Agreement (BTIA) this month.

A statement said the government has taken a decision to defer the proposed talks between the chief negotiators on India-EU Broad-based Investment and Trade Agreement (EU-BTIA) for the present.

“The Government of India is disappointed and concerned by the action of EU in imposing legally binding ban on the sale of around 700 pharma products clinically tested by GVK Biosciences, Hyderabad”, the statement said.

The statement said the government has engaged on the issue with various EU regulators over the past 8 months.

“Pharmaceutical industry is one of the flagship sectors of India which has developed its reputation through strong research and safety protocols over the years and therefore, the Government of India will examine all options in this regard”, it added.

The government pointed out that most of these drugs were already in the EU market for many years without any adverse pharmaco-vigilance report from any member state.

After a gap of about two years, India and the European Union were expected to resume negotiations on August 28 on the proposed free trade agreement to boost two-way commerce and investment.

The European Union has banned the marketing of around 700 generic medicines for alleged manipulation of clinical trials conducted by India’s pharmaceutical research company GVK Biosciences.