Government of India has taken a decision to defer the proposed talks between the Chief negotiators on India -EU Broadbased Investment and Trade Agreement (EU-BTIA) for the present, Ministry of Commerce & Industry said in a statement.
"This decision has been taken as 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'," according to an official statement from the commerce & industry ministry.
The Government has engaged on the issue with various EU regulators over 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, Government of India 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.