(MENAFN) Russia is currently reviewing approvals for nearly 25 fishery units from India, according to a news agency. Indian Commerce Minister Piyush Goyal highlighted that this approval will enable these units to begin exporting their products to Russia.

This move is part of Moscow’s broader effort to address the growing trade deficit with India during Russian President Vladimir Putin's upcoming visit next month.

Currently, India’s exports to Russia are valued at $5 billion, whereas Russian imports into India stand at $64 billion. Both nations are working towards boosting their bilateral trade, setting a target of $100 billion by 2030.

In a related development, the European Union approved 102 marine product units from India in September, which brings the total number of Indian units recognized by the EU to 604.

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

The export of Indian shrimp has faced significant challenges following the United States' imposition of a 50% tariff.

In the 2024-25 fiscal year, India exported shrimp valued at $4.88 billion, representing 66% of its overall seafood exports.

However, according to a report from ratings agency Crisil, shrimp export volumes are anticipated to drop by 15-18% in the current fiscal year due to the US tariffs.

The European Union remains India’s second-largest seafood market, after the United States. In the 2023-24 period, India’s seafood exports to the EU totaled $1.1 billion.

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