Norwegian Minister of Fisheries and Oceans visited the delicatessen Cambay Tiger in Mumbai, here together with Norway's Ambassador May-Elin Stener and Managing Director Amit Tiwary.
Photo: Norwegian Ministry of Trade, Industry and Fisheries.
On track to become the world's third-largest economy, India is already the fastest-growing large economy, and a coveted market for many seafood-exporting countries. As Norwegian Minister of Fisheries and Oceans Marianne Sivertsen Næss pointed out during her visit to the country this week, India has an "appetite for seafood," and Norway is joining the list of countries aiming to meet it.
In the wake of the entry into force earlier this month of the Trade and Economic Partnership Agreement (TEPA) between the EFTA states and India, Minister Næss visited Mumbai, where she met with representatives of the seafood industry to showcase Norwegian seafood products and discuss opportunities for cooperation and export between the two countries.
"Norway currently exports seafood to over 150 countries. With the trade agreement between the EFTA countries and India now in place, a new door has opened for Norwegian seafood exporters. India is a rapidly growing country with an appetite for seafood," she said.
As noted by the Norwegian Ministry of Fisheries and Oceans, India previously applied "high and unpredictable" tariffs of up to 33% on seafood products. The entry into force of the TEPA agreement now means that, over time, a zero tariff will apply to almost all Norwegian exports to India, providing Norwegian exporters with greater predictability.
Earlier this month, commenting on the EFTA-India free trade agreement, the Norwegian Minister of Trade and Industry, Cecilie Myrseth, whose department includes Fisheries and Oceans, already mentioned this.
"With this agreement, over 90% of Norwegian goods will have duty-free access into India – the world's most populous country. That is good for business and provides security for Norwegian jobs," she said.
"India has enormous potential as a seafood market. There is still little Norwegian seafood here today, but the trade agreement lays an important foundation for long-term growth. This is about stable frameworks, but also about building relationships, knowledge, and trust," Minister Næss added during her visit this week.
Although there are also some products closely related to the seafood industry, such as fish feed, that are not included in the tariff elimination, overall, this agreement represents a significant improvement in access to the Indian market for Norwegian seafood products.
The agreement means that many of these products will have reduced tariffs. Specifically, tariffs on whole frozen salmon and fresh cod fillets, for example, will be eliminated from day one, while fresh salmon and frozen mackerel will see a gradual reduction to zero over five years.
Last year, Norway exported a total of 2.8 million tons of seafood products worth NOK 175 billion. Of these, 324 tons went to India, worth NOK 51.6 million. This means that, in 2024, exports to India accounted for less than 0.01% of the total Norwegian seafood exports.
"Even though the current volume is small, the potential is great," insisted the Norwegian Minister of Fisheries and Oceans, who also pointed out that India is experiencing strong economic growth and has a growing middle class.
As Norway commented on the agreement's entry into force, India has more than 1.4 billion inhabitants, around 65% of whom are under the age of 35, making it a large and growing market that offers many new opportunities for Norwegian companies.
"Predictable trade conditions going forward provide new opportunities for Norwegian seafood. But seafood markets do not emerge overnight. It's a long-term effort. The trade agreement now in effect means that more Norwegian companies can look to India with increased interest," Marianne Sivertsen Næss concluded.
At a time when the world is characterized by tariff barriers and trade wars, with salmon exports facing tariffs in the U.S. that are 10% for countries such as Chile or the UK, but rise to 15% in the case of Norway, many countries are looking for new destinations, and a market as large as India is undoubtedly a target.
The UK, for example, has already signed a bilateral free trade agreement with India, and in Scotland, salmon farmers have already begun preparing for a major offensive in the Asian country. However, that agreement will not come into force until next year, and, in the meantime, the UK continues to face tariffs of 30%, giving Norway at least a year to position itself in the emerging Indian market and, as mentioned, meet its "appetite" for seafood.