UK secures new trade deal with Norway, Iceland and Liechtenstein

04 Jun '21
2 min read
Pic: Shutterstock
Pic: Shutterstock

The United Kingdom has secured a new trade deal with Norway, Iceland and Liechtenstein that will boost critical British sectors like digital. The deal agreed in principle today is the first time these three European countries have included dedicated chapters on digital trade and small businesses, making it the most advanced they have done to date.

The agreement has cutting-edge digital provisions, which mean when British firms export to Norway and Iceland, 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 and saving businesses time and money.

"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," said UK international trade secretary Liz Truss.

"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.

"More trade and more investment will drive growth and support jobs in every corner of our country," UK international trade minister Ranil Jayawardena said.

The agreement means British businesses can bid for more government contracts in partner countries worth some £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 holiday makers and business travellers.

It also allows high-skilled professionals to enter Norway, Iceland and Liechtenstein for business purposes, means faster and simpler visa processes.

Fibre2Fashion News Desk (RKS)

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