Union Government deferred proposed talks between the Chief negotiators on India & EU-BTIA
The decision was taken as 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.
Union Government on 5 August 2015 decided to defer the proposed talks between the Chief negotiators on India–European Union (EU) Broad based Investment and Trade Agreement (EU-BTIA) for the present.
This decision was taken as the Union 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.
The Government has been 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. Therefore, Union 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.
Chief negotiators of India and the EU were scheduled to resume the negotiations on the proposed free trade agreement to boost two-way commerce and investment, after a gap of two years, on the Broadbased Investment and Trade Agreement (BTIA) on 28 August 2015.
Now get latest Current Affairs on mobile, Download # 1 Current Affairs App