India will sign a free trade agreement with Eurasian Economic Union (EAEU) to boost trade and economic ties with the region, an Indian diplomat said today.
"We are definitely signing this agreement", Amit Telang, First Secretary of India's embassy in Russia told TASS news agency.
The agreement will be signed at the St Petersburg International Economic Forum (SPIEF-2015).
EAEU is an international organisation for regional economic integration. The member states of the union, which started operation on January 1 are Russia, Belarus, Kazakhstan and Armenia.
The EAEU, with a GDP of USD 2.2 trillion last year, is aimed at economic development of the member states by coordinating their economic policy and guaranteeing free movement of goods, services, capital and workforce.
The union had an industrial production USD 1.3 trillion last year.
Apart from India, Vietnam, Iran, Egypt and Israel are also negotiating the possibility of forming free trade zone agreements with the EAEU.
Meanwhile, India today said it is keen to invest in Russia's coal and hydrocarbon projects.
At a regular summit in autumn this year, India will make specific proposals on bilateral cooperation in these sectors, Indian Ambassador to Russia Pundi Srinivasan Raghavan said at a roundtable discussion of SPIEF-2015 today.
