„We have just reached an agreement with Iceland and Norway to ensure continued access for British companies to the European Economic Area if we leave the EU without a deal,“ Fox said in a statement. As of 31 October 2020, the UK had concluded 24 trade agreements with 53 countries, some through the use of a mutatis mutandis concept to quickly replicate existing agreements between the EU and these countries, with only those small areas of differentiation to highlight (this has reduced some agreements to around 40 pages of the original around 1400). Among them are large economies – measured by nominal GDP – such as South Korea, Switzerland, Israel and South Africa. „There are some useful provisions for UK businesses, such as .B. professional skills or digital trade, but there will also be many difficulties, as we see with the similar trade and cooperation agreement between the UK and the EU. Overall, it is a standard free trade agreement with limited economic value. The signing of the contract today is an important milestone for trade between the UK, Iceland, Norway and Liechtenstein. This will boost employment, cut red tape and open up more opportunities for the UK. The agreement includes Iceland and Liechtenstein, which are also outside the bloc and together with Norway form the European Economic Area (EEA). However, the deal contains some hurdles, as Britain, as a member of the EU, had completely free trade with all three countries. Innovative FinTech companies will be able to provide financial services in Norway, Iceland and Liechtenstein without having to provide this service elsewhere beforehand, helping the UK maintain its status as a financial services centre.

Icelandic Foreign Minister Gudlaugur Thor Thordarson said a deal with the UK had been a priority for his country and would be „crucial for Icelandic businesses and consumers“. Norway, a non-EU member, said on Friday it had reached a post-Brexit trade deal with its largest trading partner, the United Kingdom, which left the EU last year after a referendum in 2016. The UK signed a trade deal with Norway, Iceland and Liechtenstein after Brexit, the government announced. „Before the UK left the EU, Norway enjoyed the free movement of goods, services, capital and people to the UK through the EEA Agreement,“ Norway said. Norwegian Prime Minister Erna Solberg said that „the agreement allows for trade growth for both our countries.“ The UK negotiating team will consult with its Strategic Trade Advisory Group throughout the negotiations. [4] The UK Government has reserved powers over trade and international agreements, as well as the right and power to legislate on all matters on the basis of parliamentary sovereignty. However, the UK government will normally seek the approval of the devolved parliament (devolved parliaments) when areas under agreements conflict with matters of delegated competence, regardless of their ability to legislate. The government said the deal, reached in principle on Friday morning, will protect £21 billion of trade and „reduce tariffs on high-quality British food and agricultural products and support jobs in all parts of our country“.

The new agreement builds on the renewal agreement that the UK signed before leaving the EU economic zone, and the government stresses that it contains important elements of digital trade that go beyond what the EU has. He added that the agreement „goes further and faster than these countries have ever done with any other country in the world.“ The UK said total trade with Norway, Iceland and Liechtenstein was £21.6 billion ($30.6 billion) in 2020. Norway, Iceland and Liechtenstein have gone further with us than any other FTA partner, including new state-of-the-art digital regulations to enable smoother trade beyond our borders. Responsibility for concluding contracts to which the United Kingdom is a party lies with the Secretary of State for Foreign and Commonwealth Affairs. This remains the case even if contract negotiations are conducted by another department. I am very pleased with the result because I am convinced that this agreement will strengthen our economic relations and further strengthen relations between nations. This signature is historic in the true sense of the word. It is the most advanced trade agreement that Norway, Iceland and Liechtenstein have ever signed, with reference provisions for digital trade, mobile roaming and business travel. It will reduce tariffs and offer new duty-free quotas for the export of high-quality British food and agricultural products, and support employment in every corner of our country. The agreement maintains existing duty-free quota access for major UK exports such as cheese and provides for tariff reductions and quotas for pork, poultry and other products.

The agreement also recognises the protected status of certain British wines and spirits, meaning that consumers in Norway, Iceland and Liechtenstein can continue to enjoy our iconic products such as Scotch whisky with the certainty that they are of high quality and authentic. Services and investment activities are an essential part of our trade relationship with the UK. „More trade and more investment will spur growth and support jobs in every corner of our country.“ This free trade agreement provides the guarantee that business leaders need to trade with these European markets. The agreement fulfils the most comprehensive mobility obligations to date in a UK free trade agreement. It allows highly qualified professionals to enter Norway, Iceland and Liechtenstein for professional purposes, ensures that visas are processed within a maximum of 90 days and includes the recognition of professional qualifications – so that nurses, lawyers, veterinarians and other professionals have a clear path to have their qualifications recognised to work in partner countries. The agreement has been initialled and will be officially signed next week, subject to final legal reviews, his ministry said. „If Norway accelerates its exit from the pandemic, then good export deals are important,“ she said. Ministers added that the deal „will also boost the UK`s critical sectors such as digitalisation“, with „ambitious“ provisions in the deal, meaning UK companies exporting to the three countries can do so entirely electronically and without a single document. This signature marks a new, closer alliance between the United Kingdom, Norway, Iceland and Liechtenstein, in which our like-minded democracies will work together to promote prosperity and free trade. But digital and data regulations are relatively new elements in free trade agreements, and it`s still unclear how effective they are in the long run. Since the UK`s withdrawal from the single market in January, the country`s trade with Norway, Iceland and Liechtenstein has been covered by a continuity agreement covering goods, but both sides have also tried to further open up flows in key areas.

Following its withdrawal from the European Union, the United Kingdom is considering negotiating trade agreements to replace and supplement those in which it participated as a member of the European Union Customs Union. By October 2020[Update], the UK has concluded a new trade agreement (with Japan)[a] has agreed to continue 20 existing agreements (EU), and further negotiations are ongoing. .