- Agreement signed in London today by ministers from the UK, Norway, Iceland and Liechtenstein – strengthening a trade relationship worth £ 21.6 billion last year
- It will boost critical sectors such as digital, financial and professional business services, cut tariffs on top quality UK exports and support jobs in all corners of our country.
- Businesses will also be able to save time and money with the agreement’s state-of-the-art digital provisions, which allow goods to cross international borders seamlessly.
Following a tentative deal last month, the UK moved quickly to sign a free trade agreement with Norway, Iceland and Liechtenstein, locking in duty-free trade and ensuring better access to UK businesses.
Ministers from the three countries came to London this afternoon (Thursday 8 July) to sign the agreement with British Minister for International Trade Ranil Jayawardena.
It is the most advanced trade deal ever signed by Norway, Iceland and Liechtenstein, with landmark provisions for digital commerce, mobile roaming and business travel. It will cut tariffs and offer new duty-free quotas on high-quality UK food and agricultural exports and support jobs in all corners of our country.
The deal maintains existing access to duty-free quotas for key UK exports like cheese, while providing tariff cuts and quotas on pork, poultry and other products. The agreement also recognizes the protected status of certain UK wines and spirits, meaning consumers in Norway, Iceland and Liechtenstein can continue to enjoy our iconic products, like Scotch Whiskey, with the assurance that they are of high quality and genuine.
The fish processing sector, retail and consumers will benefit from cheaper imports of shrimp, shrimp and white fish.
The agreement strongly supports the UK’s ambitions as a world leader in climate and environmental protection. It preserves the UK’s right to regulate to achieve our Net Zero goal, promotes trade and investment to grow the low-carbon economy, and addresses many issues related to protecting the environment, including biodiversity. , forestry and sustainable fishing.
And the state-of-the-art digital provisions of the agreement mean we’re cutting red tape, making it easier for our companies to export across borders than ever before. Electronic documents, contracts and signatures will mean less paperwork, saving UK businesses time and money.
International Trade Secretary Liz Truss said:
Today’s signing of the agreement is a historic moment for trade between the UK, Iceland, Norway and Liechtenstein. It will support jobs, cut red tape and open up more opportunities for the UK.
I urge businesses across the country, from farmers to fintech, to seize the fantastic opportunities this deal presents.
International Trade Minister Ranil Jayawardena said:
Norway, Iceland and Liechtenstein have gone further with us than any other FTA partner, including cutting-edge new digital arrangements to enable smoother trade across our borders.
I look forward to seeing businesses across the UK benefit from streamlined trade, barriers removed and a policy that supports jobs and growth.
Norwegian Trade and Industry Minister Iselin Nybø said:
The UK market is of great importance to Norway. Today marks an important step in our future relationship with the UK.
I am proud that we have reached an ambitious and comprehensive free trade agreement, which will provide predictability and opportunity for our businesses, investors, students and workers for years to come.
Icelandic Minister of Foreign Affairs and International Development Cooperation Gudlaugur Thór Thórdarson said:
The free trade agreement between the United Kingdom and Iceland, Norway and Liechtenstein that we signed today marks a new start in relations between our countries.
I am very satisfied with the result because I am convinced that this agreement will boost our economic relations and further strengthen ties between nations. This signature is historic in every sense of the word.
Liechtenstein Minister for Foreign Affairs, Education and Sport Dominique Hasler said:
Services and investment activities are a key part of our business relationship with the UK.
I have no doubts that the cutting edge provisions of this agreement will allow them to prosper.
Innovative FinTech companies will be able to provide financial services in Norway, Iceland and Liechtenstein, without having to provide the service elsewhere first, helping the UK to maintain its status as a financial services hub.
The deal maintains existing access to duty-free quotas for major UK exports like cheese and will cut tariffs by up to 277% for exporters to Norway from West Country Farmhouse Cheddar, Orkney Scottish Island Cheddar, Traditional Welsh Caerphilly and Yorkshire Wensleydale cheese.
Lower import tariffs on shrimp, shrimp and white fish could cut costs for the UK fish processing sector, which accounted for around 18,000 jobs in 2020, mostly in areas like Scotland, the UK. East Yorkshire and North Lincolnshire. UK households will continue to benefit from excellent choice and low prices in supermarkets, fishmongers and fish and chips across the country.
Simon Dwyer, representative of ‘Made Great in Grimsby’ of the Grimsby Fish Merchants Association said:
Grimsby is home to one of the northern hemisphere’s largest seafood processing and trading hubs, employing 6,000 people.
The fresh seafood we import from Iceland and Norway goes to our retailers, food services, mobile fishmongers and the country’s fabulous fish and chips.
Anything that strengthens these business relationships can only be good for Grimsby.
Jonathan Geldart, Managing Director of the Institute of Directors (IoD), said:
This free trade agreement provides the assurances that business leaders need to trade with these European markets.
The IoD has long championed the need for continuity and cooperation after Brexit. This agreement will help ensure that stability and liberalize trade in areas such as digital and services.
As part of the deal, it will be possible to cap the fees that mobile operators are allowed to charge for international mobile roaming, a world first in an FTA, by keeping costs low for holidaymakers and travelers alike. business in Norway and Iceland.
The agreement offers the most comprehensive mobility commitments of any UK FTA to date. It allows highly qualified professionals to enter Norway, Iceland and Liechtenstein for business purposes, ensures that visas are processed within a maximum of 90 days and includes recognition of professional qualifications. have their qualification recognized to work in partner countries.
The signing marks a new, closer alliance between the UK, Norway, Iceland and Liechtenstein, which will see our like-minded democracies working together to promote prosperity and defend free trade.
