International Trade Minister Ranil Jayawardena reacted to the agreement saying: “Today`s agreement guarantees duty-free trade for businesses worth more than £20 billion between our countries and supports jobs and livelihoods across Britain and beyond. I look forward to concluding a Comprehensive Trade Agreement on Goods and Services with our long-standing partners, Norway, Iceland and Liechtenstein, which is expected to enter into force in 2021 and deliver on our shared commitment to free and fair trade.” An agreement was signed in London to guarantee trade in goods. The United Kingdom has signed continuity agreements, with both Norway and Iceland, which will enter into force from 1 January 2021, the date on which the United Kingdom`s transitional period with the European Union expires. The deal means no new tariffs will be imposed on industrial goods after Brexit. The provisional agreement was signed in London by Vibeke Rysst-Jensen and British chief negotiator Charlotte Heyes. I look forward to concluding a Comprehensive Trade Agreement on Goods and Services with our long-standing partners, Norway, Iceland and Liechtenstein, which is expected to enter into force in 2021 and commit together to free and fair trade. The UK will cease to comply with EU trade rules on 31 December. Talks are taking place between the UK and the EU, but no agreement has been reached on future trade. An agreement on the security of trade in goods was signed today (Tuesday 8 December) in London between the United Kingdom and Iceland and Norway.
The news is a kind of sequel. A similar agreement was signed in 2019, which was to be used only in a no-deal scenario. The agreement means that 95% of goods exported to Norway and 90% of exports to Iceland will be exempt from customs duties. The agreement is called the “Interim Agreement”, while the EEA-EFTA countries and the UK are negotiating a free trade agreement that is expected to be concluded in 2021. This agreement is an interim agreement, while the United Kingdom and the EEA-EFTA countries conclude negotiations for a comprehensive free trade agreement that is expected to enter into force in 2021. The United Kingdom signed a trade agreement with Iceland and Norway on 2 April 2019. This agreement was signed in order to maintain the continuity of trade and was part of the preparations for a possible “No Deal” Brexit. Since the UK is leaving the EU with a deal, the deal will not enter into force. In addition, UK consumers can continue to enjoy popular Icelandic and Norwegian products such as frozen haddock. More than 30% of UK imports of fish fillets last year came from Iceland, many of which are used in British fish and chip shops.
The agreement covers trade in goods and ensures that 95% of trade in goods with Norway and more than 90% with Iceland remains duty-free, giving businesses the certainty that they will be able to continue to operate under the same conditions as today at the end of the transitional period. . . .