India-EU FTA may conclude by year-end: Belgium

New Delhi, Feb 22 (PTI) The proposed India-EU free trade pact, which seeks to liberalise trade in goods and services, will include government procurement and is likely to be concluded by this year-end, Belgium Ambassador to India Pierre Vaesen today said. Belgium, the founding member of the European Union (EU), is the second-biggest EU trading partner of India. "The Broadbase Trade and Investment Agreement (BTIA) between India and the EU will be concluded by the end of this year.... It will include access to government procurement contracts," Vaesen said at the Federation of Indian Export Organisations function here. The two sides are learnt to have agreed to open government procurement market for each other and include it in the proposed pact. At present, India has an observer status in the World Trade Organization's (WTO) government procurement agreement, but it does not mean that India is under an obligation to subject its about USD 125 billion government purchases to the WTO rules. The FTA, once concluded, will create billions of dollars of new trade and opportunities for Indian and European firms, Vaesen said, adding "Do not miss this train". India and the 27-nation bloc are negotiating the pact, since June 2007. However, talks are stuck on issues like easing visa regulations for Indian professionals and reduction in tariffs on cars and spirits imported from the EU. The two-way India-EU trade stood at USD 91.3 billion during Indian fiscal 2010-11 ended March 31, 2011. During the recent India-EU Summit here, the two sides agreed to expedite the discussions for early conclusion of the pact. PTI