UK secures trade deal Norway, Iceland, and Liechtenstein
The United Kingdom has secured a new trade deal with Norway, Iceland, and Liechtenstein that will slash tariffs on food products, including key seafood import products.
According to the U.K. Department for International Trade, the deal agreed in principle on 4 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.”
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, according to a U.K. government press release.
Reduced import tariffs on shrimps, prawns, and haddock will reduce costs for U.K. fish processing, helping support some 18,000 jobs in Scotland, East Yorkshire, and Northern Lincolnshire, according to U.K. International Trade Secretary Liz Truss. Truss said the deal will be a major boost for trade between the three countries, growing an economic relationship currently worth GBP 21.6 billion (USD 30.5 billion, EUR 25.1 billion), while supporting jobs and prosperity in all four nations.
U.K. International Trade Minister Ranil Jayawardena said the deal shows the U.K. continue to be a “trade partner of choice,” as it sets 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,” he said.
The agreement means U.K. businesses can bid for more government contracts in partner countries worth some GBP 200 million (USD 282.3 million, EUR 232.3 million) a year.
Photo courtesy of U.K. Ministry for International Trade