Recently, India announced a trade agreement with the European Free Trade Association (EFTA), which includes Switzerland, Iceland, Norway and Liechtenstein.

European Free Trade Association (EFTA) members have pledged to invest $100 billion in India over the next 15 years to turn the country into a major global production base for exports, which is expected to create 1 million jobs.

Under the agreement, fish oil products will be tariff-free in five years, while tuna, salmon and trout products will be tariff-free in seven years. However, if the actual investment is significantly lower than the promised amount, the Indian side retains the option to reconsider the tariff reduction in the agreement.

Borge Lotre, director of market insight and market access at the Norwegian Ministry of Trade and Fisheries, said: "This is an unprecedented success for the Norwegian maritime industry. "This game-changing agreement will put Norwegian marine products on a more competitive footing. After 16 years of negotiations, the agreement promises to gradually reduce current tariffs, eventually reaching zero tariffs within five years. This opens the door to significantly improved market access, particularly for key products such as salmon, halibut and cod."

The Norwegian Seafood Council conducted a two-year project in India between 2016 and 2018, but Norwegian companies faced challenges such as tariff barriers, logistics issues and cold chain distribution efficiency issues. Moreover, restrictions on foreign ownership in India have deterred Norwegian companies from investing in modern retail.