A new free trade deal between the UK and Norway, Iceland and Liechtenstein will boost Britain’s digital, financial and professional business services sectors, it has been revealed.

The agreement was signed last week as part of the UK’s ambition to become an independent trading nation.
According to the Department for International Trade (DIT), the partnership – described as the most advanced trade deal of its kind – will support businesses up and down the country by “slashing tariffs” and “creating jobs”.
Agricultural businesses, for example, will benefit from new duty-free quotas on exports of high-quality British food and farm products, while still maintaining access to duty-free quotas for key British exports like cheese.
The agreement will also support the domestic food chain by making imports, such as prawns, shrimp and white fish, cheaper for consumers.
The deal could also save businesses “time and money” by “slashing red tape” and introducing “cutting-edge digital provisions”, such as electronic documents, contracts and signatures, making it “easier than ever” for businesses to export across borders.
Commenting on the trade agreement, International Trade Secretary Liz Truss said: “Today’s deal signing is a landmark moment for trade between the UK, Iceland, Norway and Liechtenstein. It will support jobs, cut red tape, and open up more opportunities for the UK.
“I urge businesses across the country, from farmers to fintech, to seize the fantastic opportunities this deal presents.”
Jonathan Geldart, Director General of the Institute of Directors (IoD), added: “This free trade agreement delivers the reassurances business leaders require to trade with these European markets.
“The IoD has long championed the need for continuity and cooperation following Brexit. This deal will help to deliver that stability, as well as liberalise trade in areas like digital and services.”
According to the latest statistics, UK trade with Norway, Iceland and Liechtenstein is worth an estimated £21.6 billion per year.
For help and advice with related matters, please get in touch with our expert team today.