UPDATE 2-India, EU to resolve generic drug dispute-minister

* India, EU officials to meet later in November

* India says drug shipment consistent with WTO regulations

* Both sides aim for free trade pact in 2010

By Rajesh Kumar Singh and Matthias Williams

NEW DELHI, Nov 6 (Reuters) - India will resolve a dispute with the European Union over generic drugs in an amicable way, Trade Minister Anand Sharma said on Friday.

A formal trade dispute has loomed between India and Brazil on one side, and the EU on the other. The case threatened to escalate to India and Brazil taking the EU to court at the World Trade Organisation.

The row erupted against the backdrop of flourishing trade ties between India and the EU, which both sides aim to boost with a free trade pact by 2010.

Developing countries believe the case, originally involving the seizure by Dutch customs of a blood pressure drug en route from India to Brazil last December, is a symbol of their mistreatment by rich nations and corporations.

"They have taken tangible steps," Sharma told reporters after talks with EU officials in the Indian capital. "We both are committed to resolve the outstanding matter amicably."