The United Kingdom (UK) has secured a new trade deal with Norway, Iceland and Liechtenstein, that will boost British sectors like digital, slash tariffs on British food and farm products and supports jobs.
The deal agreed in principle today (June 4) is the first time these three European countries have included dedicated chapters on digital trade and small businesses in any trade deal.
“Cutting-edge” digital provisions mean when British firms export to the three countries, they will be able to do so without a single piece of paperwork.
All documents, contracts and signatures can be electronic, allowing goods to move “seamlessly” across borders and saving businesses time and money.
The agreement significantly cuts tariffs as high as 277% for exporters to Norway of West Country Farmhouse Cheddar, Orkney Scottish Island Cheddar, Traditional Welsh Caerphilly, and Yorkshire Wensleydale cheese.
There are also tariff reductions and quotas on pork, poultry and other goods. UK wines and spirits including Scotch Whisky will also now be recognised in Norway and Iceland.
Reduced import tariffs on shrimps, prawns and haddock will reduce costs for UK fish processing, helping support some 18,000 jobs in that industry in Scotland, East Yorkshire and Northern Lincolnshire.
International Trade Secretary Liz Truss said:
Today’s deal will be a major boost for our trade with Norway, Iceland and Liechtenstein, growing an economic relationship already worth £21.6 billion, while supporting jobs and prosperity in all four nations at home.
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.”
