NEW DELHI: India and Russia , both looking to undertake joint economic projects in the resource-rich Eurasian region , are expected to launch a process to create a free trade zone under the Eurasian Economic Union ( EAEU ) during Prime Minister Narendra Modi 's visit to St Petersburg on June 1-2.India will soon formalise the FTA with EAEU and the announcement of it is likely to be made following the annual summit between Modi and Russian President Vladimir Putin on June 1, officials said. Both sides have accepted a report prepared by the Joint Feasibility Study Group on India-EAEU FTA and the formal negotiations would begin by July, they said.EAEU comprises Russia, Belarus, Armenia, Kazakhstan and Kyrgyzstan. India's FTA with EAEU is expected to open up a huge market with a trade potential of $37-62 billion. The current trade between India and the five Eurasian countries is $11billion. The FTA with the Eurasian countries was dictated by India’s need to diversify into new markets. India has a targeted trade of $30 billion with the five EAEU countries by 2025 and $15 billion annual investment, according to one of the officials.The International North-South Transportation Corridor, which is expected to get a decisive push during Modi's trip, will contribute in a big way to the success of the FTA with EAEU. India's entry into the Shanghai Cooperation Organisation at its summit in Kazakhstan on July 8-9 will also help strengthen India-EAEU ties at a time when China has made significant inroads in Eurasia through its connectivity projects. EAEU has an integrated single market of 183 million people and GDP of over $4 trillion.