This agreement between Norway, the EU, Iceland and Liechtenstein provides a new funding period for EEA and Norway Grants and tariff-free quotas for Norwegian seafood exports to the EU. The three countries will provide EUR 3 268 million over a period of seven years to the EU's 15 least prosperous states. The agreement also includes a new seven-year agreement on the export of Norwegian seafood to the EU, with tariff-free quotas for key seafood products. The new funding period for the EEA and Norway Grants will run from 2021–2028, with roughly 97% of the funding provided by Norway. The agreements must be approved by the Storting (Norwegian parliament), the other EEA/EFTA countries and the 27 EU member states, and are expected to be implemented during the first half of 2024.