An agreement to lock in trade in goods was signed in London today (Tuesday 8 December) between the UK and Iceland and Norway.
The agreement covers trade in goods, and ensures 95% of goods trade with Norway and over 90% 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.
This agreement on goods is an interim agreement while the UK and EEA-EFTA countries complete negotiations for a comprehensive FTA to come into force in 2021.
UK trade with Iceland and Norway was worth £27 billion last year, with over £20 billion of this in goods.
The agreement ensures British firms will continue to see duty free access for all exports of industrial products. In addition, British consumers can continue to enjoy popular Icelandic and Norwegian products such as frozen haddock. Over 30% of the UK’s imports of fish fillets last year came from Iceland, many of which are used in British fish and chips shops.
To read the full press release, click here.