UK signs post-Brexit trade deal with Norway and Iceland

The UK just signed in London a post-Brexit rollover trade deal with Norway and Iceland.

The agreement covers trade in goods, and ensures 95 per cent of goods trade with Norway and over 90 per cent with Iceland will remain tariff-free, providing businesses with certainty that they can continue to operate on the same terms as they do today when the transition period ends.

“Today we have secured continuity for businesses trading goods with Norway and Iceland, worth over £20bn last year,” Truss said.

“We’re looking forward to a more comprehensive FTA with Norway, Iceland and Liechtenstein that will come into force in 2021.”

Before the Open newsletter: Start your day with the City View podcast and key market data

A statement released from the Department of International Trade said: “British consumers can continue to enjoy popular Icelandic and Norwegian products such as frozen haddock.

“Over 30 per cent of the UK’s imports of fish fillets last year came from Iceland, many of which are used in British fish and chips shops.”

Truss has now signed rollover trade deals with a swathe of non-EU countries that will ensure the UK can trade with these nations on the same terms as it did pre-Brexit.

Countries that have signed continuity trade deals include Canada, South Korea, Ukraine, Switzerland, Israel and North Macedonia.

The rollover deals signed so far are with countries that make up more than 90 per cent of the UK’s current non-EU trade.

Today’s announcement comes as the UK continues negotiations with Brussels in an attempt to close a last minute Brexit trade deal.