UK brokers new trade deal with Norway, Iceland and Liechtenstein as part of latest post-Brexit Accord
/ Our Today
administratorDeal will make it easier for high-skilled professionals to travel from the UK to respective countries
The United Kingdom has brokered a new trade accord with Norway, Iceland and Liechtenstein, as part of its latest post-Brexit deal, which cuts tariffs on agricultural products and fish.
The agreement, which builds upon a roll-over deal that the UK had signed with Norway when it left the European Union at the end of 2020, also reduces paperwork on commerce. Britain’s Department for International Trade says this new deal will make it easier for high-skilled professionals to travel from the U.K. to the respective countries of Norway, Iceland and Liechtenstein.
Bloomberg reports that striking trade agreements independently was a key Brexit pledge by Prime Minister Boris Johnson. The UK is also edging toward a deal with Australia and is in talks with the US and New Zealand.
According to Bloomberg, those negotiations are critical and remain in the balance. It also aspires to join the Trans-Pacific Partnership, an 11-country pact that includes Singapore, Malaysia and Japan.
Value of UK trade with Norway, Iceland and Liechtenstein
Trade data shows that the UK’s trade with Norway, Iceland and Liechtenstein is currently worth 21.6 billion pounds (US$30.5 billion). That’s about three per cent of Britain’s trade with the EU in 2019.
UK-European Union trade flows have suffered since Brexit, hit by extra red tape and higher customs costs. The UK was Norway’s biggest bilateral trade partner in 2020—thanks largely to energy—with exports to the UK totalling 135 billion kroner ($16 billion) and imports at 42 billion kroner.
Media reports indicate that Norway’s farmers have been worried the government would prioritize its fishing industry by agreeing to lower tariffs on agriculture imports. While, Norway is not an EU member it is nonetheless a part of the European Free Trade Association, as are Iceland and Liechtenstein.
Comments