With more than 1.4 billion people, India overtook China in 2023 to become the world’s largest country by population.
Norway, as part of the European Free Trade Association (EFTA), along with Iceland, Liechtenstein, and Switzerland, has signed a Trade and Economic Partnership Agreement (TEPA) with India.
One significant beneficiary of this agreement will be the Norwegian seafood industry, which currently faces a 33% duty on exports to India. Under the new agreement, Norwegian salmon will have zero tariffs after five years, providing Norwegian exporters with a major competitive edge globally.
The agreement aims to boost trade and investment, enhance supply chain resilience, and create new opportunities in the respective markets. Norwegian businesses, especially in the seafood sector, stand to gain from this agreement by accessing India’s major growth market with zero customs duty on exports.
Norway, the world’s largest producer of farmed Atlantic salmon, exported 1.2 million tons of salmon worth NOK 122.5 billion ($12 billion) in 2023
