Norway has unlocked a significant opportunity in the salmon market following the recent signing of a free trade deal with India, one of the world’s largest economies. While salmon may not be a staple in Indian cuisine, the rising affluence among certain segments of the population has led to a growing preference for Western food tastes.
Negotiated through the trade organization EFTA, of which Norway is a key member, this agreement marks a pivotal moment for the seafood industry, according to Seafood Norway, an industry organization.Seafood Norway CEO Geir Ove Ystmark expressed optimism about the potential of this vast market, which boasts nearly 1.5 billion consumers. He highlighted that high tariffs had previously hindered market development and exports from Norway.
“With this agreement, a significant portion of our seafood products will gradually gain tariff-free access to the Indian market,” Ystmark explained. He noted that this development holds particular promise for pelagic seafood such as herring and mackerel.However, Seafood Norway acknowledged that while the agreement is a step in the right direction, there are some companies disappointed with certain aspects of the negotiation, as certain seafood products remain outside its scope.
Despite these challenges, Seafood Norway commended the Norwegian government for its dedication to reaching a favorable agreement with India. Ystmark emphasized the importance of competitive market access for Norwegian seafood products, stressing that such initiatives would not only benefit the industry but also drive progress in other key markets like the EU and Japan.
The industry now looks forward to the opportunities presented by this agreement and anticipates further growth and expansion in both the Indian market and beyond.
