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In the latest post-Brexit trading win for the UK, the deal will slash tariffs on exports of cheese, pork, and other goods. Duties as high as 277 percent for exports of cheese to Norway will be cut, while imports on shrimps, prawns and haddock will be reduced in a boost for fish processing in Britain.
The deal has been hailed by International Trade Secretary Liz Truss as a victory for the whole United Kingdom with all four nations benefiting.
She said: “Today’s deal will be a major boost for our trade with Norway, Iceland and Liechtenstein, growing an economic relationship already worth £21.6billion, while supporting jobs and prosperity in all four nations at home.”
Under the terms of the agreement, UK wines and spirits including Scotch Whisky will also now be recognised in Norway and Iceland, providing better protection to manufacturers of the products.
Sources at the Department of Trade said the deal was the most advanced done to date by Norway, Iceland and Liechtenstein after specific terms on digital trade and small businesses were included in the pact.
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In a move to scrap bureaucratic paperwork from being required when exporting goods, all documents and contracts will be allowed to be done digitally, speeding up the customs process at the border.
High skilled professionals such as nurses, lawyers and vets will also have their qualifications recognised in the territories, allowing them to work there without the need to requalify.
British businesses can also bid for government contracts worth some £200million a year in the countries.
International Trade Minister, Ranil Jayawardena said: “This deal shows that the United Kingdom will continue to be a trade partner of choice, as we set the global trade agenda in areas like e-commerce and climate change.
“More trade and more investment will drive growth and support jobs in every corner of our country.”
The provisionally approved deal will be signed off once formal checks on the terms have been completed.
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The announcement today comes ahead of an anticipated agreement being reached with Australia later this month.
Britain has sought to broker numerous trade deals with countries around the world since Brexit.
More than 66 deals have been agreed over the past two years, with most being rollover pacts on the same terms with countries as when the UK was an EU member state.
The first significant new pact negotiated since becoming independent was the UK-Japan deal finalised last autumn.
The Australia deal will be another huge step for Britain with the deal set to increase trade by as much as £900million each year.
Terms of the agreement were largely settled in April during face to face talks.
Ministers said an announcement finalising the free trade pact was expected in June.
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