My friend and colleague, the Trade Secretary, Liz Truss MP, has just confirmed we have agreed a new trade deal with Norway, Iceland and Liechtenstein, covering £21 billion of trade.
This will boost critical British sectors, including digital, as well as slashing tariffs on high-quality British food and farm products, supporting jobs in every corner of our country and providing exciting opportunities for businesses across Mid Sussex and the UK.
Some quick facts about this latest agreement:
- It’s their most advanced digital deal
- It gives UK farmers more access on cheese, meat, wine & poultry
- It supports 18,000 fish processing jobs in Scotland & North of England
In terms of the benefits this deal will bring for British firms and businesses, the cutting-edge digital provisions in this agreement mean when British firms export to Norway and Iceland, they will be able to benefit from commitments that limit unnecessary paperwork. Electronic documents, contracts and signatures will allow goods to move seamlessly across borders and saving businesses time and money.
The agreement also means British businesses can bid for more government contracts in partner countries worth some £200 million a year.
It also allows high-skilled professionals to enter Norway, Iceland and Liechtenstein for business purposes, meaning faster and simpler visa processes and includes professional qualification recognition.
Finally, the deal means clearer rules for financial services firms that ensure they cannot be treated unfairly, and includes the most ambitious commitment to support investment ever secured by the UK in an FTA, enabling investors to appoint preferred candidates for senior management without being limited by nationality and residency criteria.
Earlier today, the Trade Secretary said:
"Today’s deal will be a major boost for our trade with Norway, Iceland and Liechtenstein, growing an economic relationship already worth £21.6 billion, while supporting jobs and prosperity in all four nations at home."