India and the European Union have just struck an interim settlement on the issue of seizure of Indian generic drugs in transit.
"After several rounds of discussions, India and EU reached an understanding which contains the principles to guide border enforcement of intellectual property in the EU," India's Commerce and Industry Ministry said in a statement.
Jean-Luc Demarty, Director General of European Commission had proposed the settlement in a letter to Indian Commerce Secretary Rahul Khullar. The EU has proposed a settlement of the dispute by confirming the detailed principles to guide border enforcement of intellectual property rights, it said.
In return, the EU has sought an assurance that India would refrain from further steps in the ongoing dispute.
In addition, EU has agreed to India's request for adoption of guidelines which would confirm the principles agreed to in the Understanding with a view to give greater and immediate legal certainty for producers and traders.