Post-Brexit: UK inks £21bn trade deal with Norway, Iceland and Liechtenstein
The UK has inked a new trade deal with Norway, Iceland and Liechtenstein, which will see some tariffs on British exports, which were as high as 277 per cent, slashed.
The deal is the first the three European countries have dedicated chapters to digital trade and small businesses.
“Today’s deal will be a major boost for our trade with Norway, Iceland and Liechtenstein, growing an economic relationship already worth £21.6bn, while supporting jobs and prosperity in all four nations at home,” international trade secretary Liz Truss said.
There are also tariff reductions and quotas on pork, poultry and other goods. UK wines and spirits including Scotch Whisky will also now be recognised in Norway and Iceland
Cheese exporters to Norway will reap the benefits of tariffs cuts which can reach as high as 277 per cent.
Import tariffs on shrimps, prawns and haddock will also shrink, cutting costs for UK fish processing.
British firms exporting goods to the three countries will be able to do so without any paperwork, with digital routes that seek to end the post-Brexit bureaucracy that many exporters have struggled with.
The agreement also means that UK businesses will be able to bid for more government contracts in Norway, Iceland and Liechtenstein, which are worth a total of £200m.
“This deal shows that the United Kingdom will continue to be a trade partner of choice, as we set the global trade agenda in areas like e-commerce and climate change,” international trade minister Ranil Jayawardena said.