India hopes to soon begin consultations on creating a free trade area with the Eurasian Economic Union, the country's Ambassador to Russia said, according to Sputnik News.

"A joint study group has been formed to look into the prospects of a free trade area between India and the Eurasian Economic Union," Pankaj Saran said. "We look forward to the early conclusion of the research stage to study the report and start the actual negotiations for a Comprehensive Economic Cooperation Agreement afterwards. India is keen to cooperate with the Eurasian Economic Union."

Vietnam became the first country to sign a free trade area agreement with the EEU in May 2015. More than 40 countries and international organizations, including China, Indonesia, Israel and Iran have expressed interest in signing free trade deals with the bloc.

The Eurasian Economic Union is an economic union of states located primarily in northern Eurasia. A treaty aiming for the establishment of the EEU was signed on May 29, 2014 by the leaders of Belarus, Kazakhstan and Russia, and came into force on January 1, 2015. Treaties aiming for Armenia and Kyrgyzstan's accession to the Eurasian Economic Union were signed on October 9, 2014 and December23, 2014, respectively. Armenia and Kyrgyzstan's accession treaties came into force on January 2, 2015 and August 6, 2015.