Government defers India-EU FTA talks over ban on pharma products
The government on Wednesday decided to defer the proposed talks between the chief negotiators on India–European Union Broad-based Investment and Trade Agreement (EU-BTIA) for the present. The decision was taken as the government 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, an official statement said. 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 will examine all options in this regard. It is pertinent to mention that most of these drugs are already in EU market for many years without any adverse pharmaco-vigilance report from any member state. The latest move by the Indian government came a day after a top EU trade official said on Tuesday that negotiators from India and EU will meet in September to take stock of negotiations on a FTA (Free Trade Agreement), which have been in limbo since 2013. "We discussed that the chief negotiators' teams would meet in September to take stock of the progress made in regards to India-EU FTA and whether there is a similar level of ambition to restart the talks. There will be a stock-taking meeting I think in the first week of September," saidEU Trade Commissioner Cecilia Malmstrom, according to the reports. The India-EU FTA, for which the initial talks were laid in 2007, was discussed in 2013 and both the sides failed to bridge substantial gaps on crucial issues including data security status for the IT sector. Both the countries have earlier agreed to resolve issues related to free trade and finalise the deal by 2015.
August 05, 2015 | 05:48 pm IST.
to success.