Norway will grant the EU export concessions on around 20% of the EU exports to Norway worth €250m. The trade concerned by these concessions is estimated at €3.5 million.
New tariff quotas have also been introduced for some foods, including quotas for cereals, such as 5,000 tonnes of durum wheat and 10,000 tonnes of maize.
The EU said it will allow European exporters to reinforce their position on the Norwegian market.
The deal has been formally concluded and will enter force on 1 January 2012.