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What happened
On November 18, 2025, India's Commerce and Industry Minister Piyush Goyal revealed that Russia is on track to approve nearly 25 fishery units from India for export. This development is significant as it follows the European Union's recent approval of 102 additional marine product units from India. The approval from Russia is expected to help diversify India's shrimp exports, which have been adversely affected by a steep 50% tariff imposed by the United States. In the fiscal year 2024-25, India's shrimp exports totaled $4.88 billion, making up 66% of the country's total seafood exports. Goyal also mentioned ongoing discussions with several countries, including the UAE, to further diversify India's seafood export markets. Additionally, he expressed optimism about reaching an agreement with the EU regarding a proposed free trade agreement, pending resolution of some final negotiation issues.
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Key insights
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1
Boost to Indian seafood exports
Russia's approval will enhance India's seafood export capabilities.
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2
EU's support for Indian products
The EU's approval of marine units strengthens India's export position.
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3
Impact of U.S. tariffs
High tariffs from the U.S. have challenged India's shrimp export market.
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4
Diversification efforts
India is actively seeking to diversify its seafood export markets.
Takeaways
The approval of Indian fishery units by Russia marks a significant step in enhancing India's seafood export potential, especially in light of challenges posed by U.S. tariffs. This move, alongside EU support, indicates a positive trend for India's marine product exports.