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"Now we must begin to make use of this fantastic resource," said Norwegian Minister of Fisheries and Oceans, Marianne Sivertsen Næss.

Following the recommendation from the International Council for the Exploration of the Sea, the quota represents a 12% decrease compared to last year.

The agreement covers the period 1 May 2021 to 30 April 2028.

The quota levels for cod, haddock, and saithe in Norwegian waters will be reduced.

The deal, Norway's largest and most important bilateral fisheries agreement, is seen as vital for preserving key fish stocks in the Barents Sea.

New agreement will boost market access for Norwegian fisheries and aquaculture products in the EU, which remains Norway's largest export market for seafood.