UK signs new trade agreements, closes in on NZ deal

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The UK has signed a new free trade agreement with Norway, Iceland and Liechtenstein, expected to boost trade in a relationship with over £2billion a year. 

Signed in London earlier this month, the deal with lock-in tariff-free trade and secure greater access for UK businesses. 

The deal is one of the most advanced that Norway, Iceland and Liechtenstein have ever signed with gold standard provisions in digital trade, mobile roaming and business travel. High-quality British food and farm products will also see duty-free quotas with new reductions and quotas on pork, poultry and other goods. 

On the signing of the new agreement, international trade secretary Liz Truss commented that: “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.”

Elsewhere, the UK is closing in on an agreement with New Zealand after months of negotiations. 

Truss again noted that: “We’re closing in on an agreement in principle, with six more chapters now complete.

“The UK and New Zealand share core values, a long history and a commitment to free trade. I want a modern agreement that pushes new frontiers in areas like green and digital trade.”

Read more: Why invest in the costs of an experienced export consultant?

That deal would represent a key step towards the UK becoming a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership – a £9trilion free trading zone spanning 11 Asia-Pacific nations. 

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