UK signs free trade deal with Norway, Iceland and Liechtenstein

UK ministers have today signed a new free trade deal with Norway, Iceland and Liechtenstein, boosting a trading relationship worth £21.6 billion last year. 

Ministers from the three countries signed the agreement in London with the United Kingdom Minister for International Trade Ranil Jayawardena. 

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 deal also ensures national spirits and wines are protected, which allows consumers in Norway, Iceland and Liechtenstein to enjoy British products, such as Scotch Whisky. 

The fish sector is set to benefit from cheaper imports of shrimp, prawns and white fish, with the reduction of costs benefiting 18,000 industry jobs across the country.  

The deal further takes into consideration the UK’s concern with environmental issues such as forestry, sustainable fisheries and biodiversity. 

READ MORE: UK and Australia confirm free trade deal

It also maintains the UK’s right to promote trade and investment to expand its low carbon economy and regulate to reach its NetZero carbon goal.  

“Today’s deal signing is a landmark moment for trade between the UK, Iceland, Norway and Liechtenstein,” International trade secretary Liz Truss said.  

“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.” 

Jayawardena added: “Norway, Ireland and Liechtenstein have gone further with us than any other FTA partner, including new cutting-edge provisions to enable slicker trade across our borders. 

“I look forward to seeing businesses in every corner of the United Kingdom take advantage of streamlined trade, banished barriers and policy that backs jobs and growth.” 

The deal comes one month after the UK signed a similar trade agreement with Australia in a move to forge new trade alliances post-Brexit.  

 

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