India aims to double marine product exports to Rs 1 lakh crore in the next five years from the present around Rs 50,000 crore, Union Minister of Commerce and Industry, Food & Public Distribution and Textiles Piyush Goyal has said.

He was speaking at an event in Kochi on Monday.

"This target will be achieved through sustainable fishing, ensuring quality and variety, promotion of coastal shipping and aquaculture, and by supporting the entire fisheries ecosystem," said Goyal, addressing the mediapersons at the Marine Products Export Development Authority (MPEDA), Kochi.

At the event, K.N. Raghavan, Chairman of MPEDA, presented a road map to achieve the export turnover of Rs 1 lakh crore.

Goyal further said that the Free Trade Agreements have been finalised with the UAE and Australia, while negotiations are in progress for such an agreement with the UK and Canada.

The minister said negotiations to reach an FTA with the EU will begin in Brussels on the 17th of this month.

The Minister had an interaction with Seafood Exporters Association of India (SEAI) at MPEDA office and had an extensive discussion on various issues, challenges and solutions facing the sector and also met with fishermen from Kerala, Tamil Nadu, Puducherry and Karnataka.

He assured interventions to minimise the hurdles on the import of raw materials for value addition so that India can be transformed to a seafood processing hub in the near future.