The United Kingdom has secured a new trade deal with Norway, Iceland and Liechtenstein. It will boost critical British sectors like digital, slash tariffs on high-quality British food and farm products. In addition, it supports jobs in every corner of our country. The deal agreed in principle on 4th June is the first time these three European countries have included dedicated chapters on digital trade and small businesses in any trade deal. Making it the most advanced they have done to date.
Moving seamlessly across borders
Cutting-edge digital provisions mean when British firms export to Norway and Iceland, they will be able to benefit from commitments that limit unnecessary paperwork. Electronic documents, contracts and signatures will allow goods to move seamlessly across borders, saving businesses time and money.
The agreement significantly cuts tariffs as high as 277% for exporters to Norway of cheeses from the UK. There are also tariff reductions and quotas on pork, poultry and other goods. In addition, UK wines and spirits including Scotch Whisky will also now be recognised in Norway and Iceland.
International Trade Minister, Ranil Jayawardena says: “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. More trade and more investment will drive growth and support jobs in every corner of our country.”
Straightforward free trade agreement
The agreement means British businesses can bid for more government contracts in partner countries worth some £200 million a year. Furthermore, the deal will allow caps on the charges mobile operators are allowed to charge each other for international mobile roaming. A world-first in an FTA, keeping costs low for holiday makers and business travelers. Moreover, it also allows high-skilled professionals to enter Norway, Iceland and Liechtenstein for business purposes. Meaning faster and simpler visa processes and includes professional qualification recognition.
The deal means clearer rules for financial services firms that ensure they cannot be treated unfairly. Furthermore, it includes the most ambitious commitment to support investment ever secured by the UK in an FTA, enabling investors to appoint preferred candidates for senior management without being limited by nationality and residency criteria.