The boat had set off from Zuwara, on Libya's northwest coast, carrying migrants from Egypt, Sudan, Eritrea and Bangladesh, the humanitarian organisation said.
In recent months, several drowning incidents have occurred off the Tunisian coast, with an increase in the frequency of attempted crossings to Europe from Tunisia and Libya towards Italy as the weather has improved.
"The navy rescued 84 migrants and 43 others drowned in a boat that set off from Libya's Zuwara towards Europe,” Red Crescent official Mongi Slim said.
Hundreds of thousands of people have made the perilous Mediterranean crossing in recent years, many of them fleeing conflict and poverty in Africa and the Middle East.
Arrivals in Italy - one of the main migrant routes into Europe - had been falling in recent years, but numbers picked up again in 2021.
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