Following agreement in principle last month, the United Kingdom has moved quickly to sign a free trade deal with Norway, Iceland and Liechtenstein, locking in tariff-free trade and securing greater access for UK firms.
Ministers from the three countries came to London yesterday afternoon (Thursday 8 July) to sign the agreement with United Kingdom Minister for International Trade Ranil Jayawardena.
It is the most advanced trade deal that Norway, Iceland and Liechtenstein have ever signed, with gold standard provisions in digital trade, mobile roaming, and business travel. It will slash tariffs and offer new duty-free quotas on exports of high-quality British food and farm products and support jobs in every corner of our country.
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 agreement also recognises the protected status of certain United Kingdom wines and spirits, meaning consumers in Norway, Iceland and Liechtenstein can continue to enjoy our iconic products, like Scotch Whisky, with the confidence they are high quality and the real deal. The fish processing sector, retail and consumers will also benefit from cheaper imports of prawns, shrimp and white fish.
International Trade Secretary Liz Truss said:
Today’s deal signing is a landmark moment for trade between the UK, Iceland, Norway and Liechtenstein. 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.
International Trade Minister Ranil Jayawardena said:
Norway, Iceland and Liechtenstein have gone further with us than any other FTA partner, including new cutting-edge digital 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.
Norway’s Minister of Trade and Industry Iselin Nybø said:
The UK market is of great importance to Norway. Today marks an important step in our future relationship with the United Kingdom.
I am proud that we have concluded an ambitious and comprehensive free trade agreement, which will provide predictability and opportunities for our businesses, investors, students and workers in the years to come.
Iceland’s Minister for Foreign Affairs and International Development Cooperation Gudlaugur Thór Thórdarson said:
The Free Trade Agreement between the United Kingdom and Iceland, Norway and Liechtenstein we have signed today marks a new beginning in the relationship between our countries.
I am very pleased with the outcome as I am convinced that this agreement will boost our economic relations and strengthen the ties between the nations even further. This signing is historic in every sense of the word.
Source: gov.uk