POST BREXIT TRADE DEAL WITH NORWAY AND ICELAND

UK strikes post Brexit trade deal with Norway and Iceland. The UK government says trade can continue with Norway and Iceland unchanged if the UK leaves the EU without a deal, providing a boost for the Grimsby fish processing sector. That is because agreement has been reached in principle with the two nations as part of the so-called “rollover” process aimed at keeping disruption to a minimum.

The Department for International Trade said last month it was trying to replicate 40 deals the UK is currently party to as part of its EU membership – arrangements that account for 11% of total UK trade.

According to the Grimsby Telegraph, Grimsby’s seafood cluster has received the ultimate boost ahead of any potential no-deal Brexit, after free trade with Iceland and Norway was agreed. It follows an earlier arrangement with the Faroe Islands, and brings together the major supply nations to the UK market.

International Trade Secretary Liam Fox said the new agreement, which is subject to final checks before it is expected to be signed next week, was a “major milestone” in the Brexit preparations. Import tariffs have been set at zero for whitefish in the guidance issued last week, but a deal will breathe confidence into an industry reliant on overseas catches.

Dr Fox said: “We have just reached agreement with Iceland and Norway to ensure continued access for British businesses to the European Economic Area should we leave the EU without a deal.

“This is one of the largest trade agreements we are party to as a result of our membership of the EU.

“This is good news for British businesses and a major milestone in getting the UK ready for Brexit, no matter the terms of our withdrawal. I expect to formally sign this agreement shortly and others to follow soon after.”

Iceland and Norway catch and forward for more than 80 per cent of fish sold on Grimsby Fish Market, with much more taken direct by major suppliers.