(MENAFN) Russia is moving forward with approvals for nearly 25 Indian fishery units, media reported, a development aimed at expanding trade ties between the two nations.

Indian Commerce Minister Piyush Goyal said the approvals will allow the units to export products directly to Russia.

The move comes as Moscow seeks to tackle the widening trade gap with India ahead of Russian President Vladimir Putin’s visit next month. Currently, India’s exports to Russia total $5 billion, while imports from Russia reach $64 billion. Both countries have set a target of boosting bilateral trade to $100 billion by 2030.

In a related development, the European Union approved 102 Indian marine product units in September, increasing the total number of Indian units listed by the EU to 604.

Goyal added on Tuesday that India is in discussions with multiple countries, including the UAE, to diversify its shrimp and fish exports.

India’s shrimp exports have faced significant setbacks following a 50% tariff imposed by the United States. The country exported shrimp worth $4.88 billion in 2024-25, representing 66% of its total seafood exports. Ratings agency Crisil has projected a 15-18% decline in shrimp export volumes this fiscal year due to the US tariffs.

The EU ranks as India’s second-largest seafood market after the US, with exports to the bloc totaling $1.1 billion in 2023-24. Other key export destinations include China, Japan, Vietnam, and Thailand, with Belgium, Spain, and Italy emerging as the largest markets within the EU.

A recently implemented pact between India and the European Free Trade Association, effective from October, is expected to enhance market access for Indian seafood products in countries such as Norway and Switzerland.

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