UK-Norway Trade Deal Takes Effect
The United Kingdom-Norway trading agreement went into effect Dec. 1, the Department for International Trade said. Following a joint deal signed by the U.K., Norway, Iceland and Liechtenstein, the deal slashes tariffs on particular goods such as fish feed and ensures exclusive duty-free quotas for U.K. exporters, the DIT said. Tariff reductions will be seen in the fish processing industries, and on products such as sausages, eggs, pork, poultry, strawberries, potatoes, wheat and carrots. The deal also boosts the U.K.'s financial technology industry, enabling fintech firms to provide new services in Norway without previously providing them elsewhere, the DIT said.
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"The UK and Norway are already close trading partners and there is a strong appetite for British goods and services from our Norwegian neighbours," U.K. International Trade Secretary Anne-Marie Trevelyan said. "This deal will support businesses in all sectors across the country, from the fishing trade in Scotland and Grimsby, to innovative FinTech companies in our biggest cities. The ambitious, forward-looking provisions in this deal show exactly what we can achieve as an independent, deal-making nation and will help level up opportunities throughout the United Kingdom."