The agreement means an increase of the quota for cod to 506,000 tons, and stricter control aimed at preventing illegal trawling in the Barents Sea.
The two delegations acknowledge that there have been several incidents of unregistered catches.
For Norwegian Arctic cod the new quota will be 486,000 tons. In addition comes 20,000 tons of coastal cod, bringing the total quota for cod to 506,000 tons, a net increase from last year of 55,000 tons.
Marine scientists have warned against increasing the quotas, and the new quota is higher than that recommended by the International Marine Research Council.