UK Strikes Post-Brexit Trade Deal With Norway
Umer Jamshaid Published June 04, 2021 | 08:39 PM
Britain on Friday announced a post-Brexit free trade deal focused predominantly on major fishing neighbour Norway that will slash tariffs on British food products exported also to Iceland and Liechtenstein
London, (APP - UrduPoint / Pakistan Point News - 4th Jun, 2021 ) :Britain on Friday announced a post-Brexit free trade deal focused predominantly on major fishing neighbour Norway that will slash tariffs on British food products exported also to Iceland and Liechtenstein.
International Trade Secretary Liz Truss said the deal, agreed in principle, builds on "an economic relationship already worth 21.6 billion ($30 billion, 25 billion Euros), while supporting jobs and prosperity" across the UK.
The figure for 2020 overwhelmingly involved non-EU member Norway at 20.4 billion worth of trade between the two countries that are separated by the North Sea and key fishing spots.
Access to Britain's rich fishing waters was a major sticking point in post-Brexit talks with the EU.
"Reduced import tariffs on shrimps, prawns and haddock will reduce costs for UK fish processing, helping support some 18,000 jobs in that industry in Scotland" and northern England, said Friday's statement.
The agreement also "significantly cuts tariffs as high as 277 percent" for exports of British cheeses to Norway.
"There are also tariff reductions and quotas on pork, poultry and other goods.
UK wines and spirits including Scotch Whisky will also now be recognised in Norway and Iceland," the statement added.
Exports to the three non-EU countries will meanwhile be done without the need for any paperwork.
"All documents, contracts and signatures can be electronic, allowing goods to move seamlessly across borders and saving businesses time and money," the statement said.
The announcement comes as talks this week began on Britain joining the vast trans-Pacific trade pact.
Britain applied in February to join the 11-nation deal, signed in 2018 by countries including Japan, Canada, Mexico, Vietnam and Australia.
Britain formally left the European Union in January 2020 after nearly five decades of membership, and quit its single market and customs union at the start of this year.
It has replicated or rolled over existing trade agreements with the bloc and several countries.
London is currently in advanced trade deal discussions with Australia and has held early talks with India, New Zealand and the United States.
Related Topics
Recent Stories
Tennis: ATP Barcelona Open results - 1st update
Swiatek's perfect 10 in Stuttgart as Vondrousova stuns Sabalenka
Arandu's roads closed due to flooding
Oil tanker catches fire in Islamabad’s Blue Area
Pakistan committed to ensure safety of foreign nationals: FO
Tennis: WTA Stuttgart results - 1st update
Four passengers injured as train hit an empty vehicle
Over- speeding bus crushed to death two bike riders
Turkey's Freedom Flotilla ready to set sail for Gaza
French teen dies from heart failure after knife attack near school
Iranians appear unfazed by Isfahan blasts
UAF celebrates Int'l Chinese Language Day
More Stories From World
-
Togo lawmakers approve contested political reform
7 hours ago -
NATO must choose 'whether we indeed are allies': Zelensky
7 hours ago -
US House to vote on Ukraine, Israel, Taiwan aid package
7 hours ago -
Calls for calm after reported Israeli strike on Iran
7 hours ago -
IMF calls on EU to deepen single market integration to boost growth
7 hours ago -
Second Ecuadoran mayor killed ahead of anti-crime referendum: police
7 hours ago
-
Oil, gas drilling blocked in Alaska wilds as Biden seeks green cred
8 hours ago -
Man sets self on fire outside Trump trial
8 hours ago -
Turkey's Freedom Flotilla ready to set sail for Gaza
10 hours ago -
French teen dies from heart failure after knife attack near school
10 hours ago -
Iranians appear unfazed by Isfahan blasts
10 hours ago -
Ecuador mayor killed ahead of anti-crime referendum: police
10 hours ago