UK signs free trade deal with Norway, Iceland and Liechtenstein - Business Leader News

UK signs free trade deal with Norway, Iceland and Liechtenstein


Following agreement in principle last month, the United Kingdom has signed a free trade deal with Norway, Iceland and Liechtenstein, locking in tariff-free trade and securing greater access for United Kingdom firms.

Ministers from the three countries came to London this month to sign the agreement with United Kingdom Minister for International Trade Ranil Jayawardena.

It is the most advanced trade deal that Norway, Iceland and Liechtenstein have ever signed, with new provisions in digital trade, mobile roaming, and business travel. It will slash tariffs and offer new duty-free quotas on exports of high-quality British food and farm products and support jobs in every corner of our country.

The agreement maintains existing access to duty-free quotas for key British exports like cheese, while offering tariff reductions and quotas on pork, poultry and other goods. The agreement also recognises the protected status of certain United Kingdom wines and spirits, meaning consumers in Norway, Iceland and Liechtenstein can continue to enjoy our iconic products, like Scotch Whisky, with the confidence they are high quality and the real deal.

The fish processing sector, retail and consumers will benefit from cheaper imports of prawns, shrimp and white fish.

A statement from the government read: “The agreement strongly supports the UK’s ambitions as a global leader on climate and environmental protection. It preserves the UK’s right to regulate to reach our Net Zero target, promotes trade and investment to grow the low carbon economy, and addresses numerous issues related to environmental protection, including biodiversity, forestry and sustainable fisheries.

“And the deal’s cutting-edge digital provisions mean we’re slashing red tape, making it easier than ever for our businesses to export across borders. Electronic documents, contracts and signatures will result in less paperwork, saving British firms time and money.”

International Trade Secretary Liz Truss said: ”Today’s deal signing is a landmark 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.”