Norway joins new Chile free trade deal

Norway has signed a free trade deal with Chile which is expected to open up business opportunities between the world’s two largest Atlantic salmon farming companies

The agreement was conducted by EFTA (the European Free Trade Association) and also includes Iceland, another important aquaculture country, as well as Switzerland and Liechtenstein.

Norwegian companies such as Mowi already have a sizeable stake in Chile’s fish farming industry, but this agreement, which replaces an earlier 20 year old deal should make further investment much easier said the Norwegian Ministry of Trade and Fisheries.

The agreement now includes developments on digital trade and, for the first time in EFTA’s history, a chapter on small and medium-sized enterprises.

The Oslo government said the main objectives of the agreement are to stimulate increased trade and cooperation between Chile and the EFTA states.

Fisheries and Oceans Minister Marianne Sivertsen Næss said: “Chile is one of the most important markets for Norwegian vaccines for the aquaculture industry. The new agreement provides duty-free Norwegian fish vaccines, which will benefit several businesses.

In 2022, the last year for which figures are available, the total trade between Norway and Chile was around 436 million euros (£373m).

Industry Minister (and former fisheries minister) Cecilie Myrseth (Ap) describes Chile as an important trading partner for Norway, especially in fisheries, farming, maritime transport and renewable energy.

“The new agreement will strengthen Norwegian companies’ competitiveness on the Chilean market and opens up new opportunities for Norwegian business,” she added.