Around 25 facilities will become eligible to export to Russia following the move

Russia is processing approvals of nearly 25 Indian fishery units, the PTI news agency reported.

Indian Commerce Minister Piyush Goyal said the approval will enable the units to make exports to the country.

Moscow aims to address the growing trade imbalance with India during Russian President Vladimir Putin's trip next month.

India's exports to Russia are worth $5 billion, while imports from Russia amount to $64 billion. The countries are aiming to increase bilateral trade to $100 billion by 2030.

The EU approved 102 marine product units from India in September, bringing the number of Indian units listed by the EU to 604.

Goyal said on Tuesday that India is in talks with several countries, including the UAE, to diversify its shrimp and fish exports.

Indian shrimp exports have beenhithard after the US imposed 50% tariffs.

India exported shrimp worth $4.88 billion in 2024-25, accounting for 66% of its total seafood exports. Shrimp export volumes are expected to shrink by 15-18% this fiscal year, ratings agency Crisilsaidin a report after the US tariffs were imposed.

The EU is India's second-largest seafood market after the US. In 2023-24, India's seafood exports to the EU stood at $1.1 billion.

China, Japan, Vietnam, and ThailandareIndia's other major export markets.

In the EU, Belgium, Spain, and Italy are the largest markets for Indian sea products.

A pact between India and the European Free Trade Association, which took effect in October, isexpectedto boost market access to countries including Norway and Switzerland.

(RT.com)