In July, the UK signed a trade deal with Norway, Iceland, and Liechtenstein that would likely boost the digital; financial; and professional business services sectors, cut tariffs, and support jobs in the UK. The deal, which will also support the UK’s trading relationship with these countries worth £21.6 billion in 2020, will help UK exporters succeed in these markets via significant reductions in tariffs.
Benefits for Top-Quality British Exports
The cutting-edge digital provisions offered by the trade deal will see British exporters saving valuable time and resources when moving goods across international borders.
The agreement will also benefit British exporters by dramatically cutting tariffs and introducing new duty-free quotas on certain exports, including food and farm products. Additionally, the deal will maintain the existing duty-free quotas for exports of key British goods such as cheese. The dairy industry will further benefit from cut duties on certain types of cheese, including a 277% reduction in tariffs on exports of West Country Farmhouse Cheddar, Orkney Scottish Island Cheddar, Traditional Welsh Caerphilly, and Yorkshire Wensleydale cheese to Norway.
Duty reductions will also apply to other items, including pork and poultry. As a result, iconic British exports such as Scotch will continue to be available for consumers in Norway, Iceland, and Liechtenstein to enjoy at prices they are used to.
British Fish Processing Sector Benefit from Cheaper Imports
Both retailers and consumers will benefit from cheaper seafood imports, which will see the prices of products including prawns, shrimp, and white fish reduced.
These reduced tariffs should result in lower costs for the UK’s fish processing sector, where 18,000 people worked in 2020, accounting for a major source of employment in the UK. Areas such as Scotland, East Yorkshire, and Northern Lincolnshire rely on this sector to provide work for residents. The trade agreement's reductions in tariffs will further support employment in these regions.
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