India's Fishery Expansion: A Global Turn

Russia is set to approve nearly 25 Indian fishery units, expanding India's seafood export market. This development, combined with recent approvals from the EU, aims to counterbalance US tariffs on shrimp exports. India is also negotiating with other countries like the UAE to further diversify its seafood export destinations.

Russia is positioning itself to approve nearly 25 Indian fishery units, a move that could significantly boost India's seafood export market. Commerce and Industry Minister Piyush Goyal announced the development on Tuesday, underscoring the strategic importance of this endorsement. The advancements in export approvals come at a critical time for the country.

The European Union also recently greenlit 102 additional marine product units from India, highlighting a strengthening trade relationship between the regions. These approvals are particularly crucial in light of a hefty 50 percent tariff imposed by the United States on Indian shrimp exports, a vital sector for the country's economy.

Notably, Goyal mentioned ongoing discussions with several nations, including the UAE, to further diversify India's primarily shrimp-based seafood exports, which grossed USD 4.88 billion in 2024-25. Meanwhile, talks for a free trade agreement with the EU are progressing, and Goyal expressed optimism about resolving outstanding issues in the near future.

(With inputs from agencies.)