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In the latest post-Brexit trading win for the UK, the deal will slash tariffs on exports of cheese, pork, and other goods.
Duties as high as 277 percent for exports of cheese to Norway will be cut, while imports on shrimps, prawns and haddock will be reduced in a boost for fish processing in Britain.
The deal has been hailed by International Trade Secretary Liz Truss as a victory for the whole United Kingdom with all four nations benefiting from the terms of the deal.
She said: “Today’s deal will be a major boost for our trade with Norway, Iceland and Liechtenstein, growing an economic relationship already worth £21.6billion, while supporting jobs and prosperity in all four nations at home.”
Under the terms of the agreement UK wines and spirits including Scotch Whisky will also now be recognised in Norway and Iceland, providing better protection to manufacturers of the products.
Sources at the Department of Trade said the deal was the most advanced done to date by Norway, Iceland and Liechtenstein after specific terms on digital trade and small businesses were included in the pact.
In a move to scrap bureaucratic paperwork from being required when exporting goods, all documents and contracts will be allowed to be done digitally, speeding up the customs process at the border.
International Trade Minister, Ranil Jayawardena said: “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.”
More to follow…
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