Norway said on Friday it had reached an agreement with the United Kingdom on a Brexit trade pact.
Non-EU Norway said on Friday it had reached a trade deal with Britain, its biggest trading partner since Brexit, which left the EU last year following a 2016 referendum.
The agreement includes Iceland and Liechtenstein, which are also outside the bloc, and which together with Norway form the European Economic Area (EEC).
Norwegian Prime Minister Erna Solberg called the deal “ambitious and comprehensive.”
“When Norway speeds up its way out of the epidemic, then good export contracts are possible,” he said.
Negotiations have been going on since 2020, with some differences including the export of Norway’s agricultural products, such as meat, cheese and fish, to the UK, according to Norwegian media.
Norway’s EEA membership allows it to enter a huge common EU market, and most goods are duty-free. However, unhindered trading in the North Sea ended when the UK abandoned the bloc’s economic rules by the end of 2020.
“Although it is not as good as the EEU Treaty, it is by far the broadest free trade agreement,” Solberg told a news conference.
He added that at least two issues remained. “It simply came to our notice then [the deal] not dynamic This means that when rules change, they are not followed everywhere. This is what is brilliant in the EEU agreement that the rules in all countries change at the same time. The same standards apply everywhere, the same development[s] apply “
“The second is the veterinary rules at the border, which have not been completely cleared,” he said.
Norway’s exports to the United Kingdom are about 200 billion kronor ($ 24 billion), Solberg said.
The United Kingdom has reported total trade with Norway, Iceland and Liechtenstein to be 21.6 billion pounds ($ 30.6 billion) by 2020.
UK Trade Secretary Liz Truss called the deal “a major boost to our trade with Norway, Iceland and Liechtenstein”, while International Trade Minister Ranil Ayavardena said it “shows that the UK will continue to be a partner in the election”.
According to the UK, British farmers will benefit from lower tariffs, more duty-free products such as cheese, pork and poultry. They also stressed that lowering import tariffs on shrimp, shrimp and shrimp would reduce the cost of processing fish in the UK.
He will also help create 18,000 jobs in Scotland and Northern England, creating new opportunities for the UK’s fish processing industry.
However, the deal has some drawbacks, as the UK has had completely free trade with the three countries when it joined the EU.