India will hold consultations with the European Union(EU) next month to discuss the future of the proposed free trade agreement (FTA). <br/><br/>Commerce Secretary Rita Teaotia told reporters in New Delhi today that the meeting is taking place after a gap of over 30 months to do a stocktaking and it is not a negotiation. She said, the meeting will decide whether the negotiation have a future. <br/><br/>Expressing disappointment and concern over the EU banning sale of around 700 pharma products, clinically tested by GVK Biosciences, India had in August deferred FTA talks with EU. The Secretary said India perceives the GVK incident as an extremely disproportionate reaction to the perceived infringement. In May 2013, India and the 28-nation bloc failed to bridge substantial gaps on crucial issues, including data security status for IT sector.<br/><br/>The meeting which was deferred, not called off, was a meeting of the negotiators to take an assessment on what should be the way forward and is there a common ground for both the sides to move ahead on the agreement.<br/><br/>Launched in June 2007, the negotiations for the proposed Broad-based Trade and Investment Agreement (BTIA), also known as FTA, have witnessed many hurdles with both sides having major differences on crucial issues.