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UK secures new deal with Norway, Iceland and Liechtenstein

Posted on Tuesday, June 22nd by Pallet2ship logo

Three countries have secured a new trade deal, considered to be one of the most advanced, due to the cutting-edge digital previsions. 

The United Kingdom obtained a new trade agreement with Norway, Iceland and Liechtenstein that will help the affected British sectors like digital, slash tariffs on high-quality British food and farm products and provides jobs across the country.

The new deal secured on the 4th of June is unprecedented, as it is for the first time when three European countries included dedicated chapters on digital trade and small businesses in any trade deal, making it the most advanced they have done to date.

By cutting-edge digital provisions mean that British companies can export to Norway and Iceland, and they will be able to benefit from commitments that limit unnecessary paperwork. Electronic documents, contracts and signatures will allow goods to move seamlessly across borders, 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 recognized in Norway and Iceland.

International Trade Secretary Liz Truss declared: "˜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.'The agreement means British businesses can bid for more government contracts in partner countries worth £200 million a year.

The deal will allow caps on the charges mobile operators are allowed to charge each other for international mobile roaming, a world-first in an FTA, keeping costs low for holidaymakers and business travelers.

Also, high-skilled professionals are allowed to enter Norway, Iceland, and Liechtenstein for business purposes, and they can benefit from simpler visa processes and includes professional qualification recognition - so nurses, lawyers, vets, and other professionals will have a clear route to apply to have their qualification recognized to work in the partner countries.

The deal means clearer rules for financial services firms that ensure they cannot be treated unfairly and includes the most ambitious commitment to support investment ever secured by the UK in an FTA, enabling investors to appoint preferred candidates for senior management without being limited by nationality and residency criteria.

Source: GOV.UK

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