Brexit: Uk trade `difficult if Irish border is not resolved` Norway and the UK have agreed to conclude a temporary agreement on trade in goods that will enter into force on 1 January. The agreement is maintained until the entry into force of a free trade agreement a few months later. About 22% of all Norwegian exports are destined for the UK, making it Norway`s largest export market. The UK`s trade with its North Sea neighbours Iceland and Norway last year amounted to around £30 billion (€33 billion), including just over £24 billion (€27 billion) in goods. The withdrawal agreement negotiated by the UK and the EU provides for a transitional period during which EU rules and international agreements, including the EEA, will continue to apply to the UK after the UK`s withdrawal from the EU and until the end of 2020. Icelandic law ensures the continued application of EEA rules in the UK during this period. “This would be an improvement over the current situation, where Norwegian fish exporters do not benefit from free trade to the EU, but face a large number of different quotas and tariffs,” the ministry added in a statement. As the UK`s largest exporter in manufacturing, the successful conclusion of agreements with important EEA/EFTA trading partners is good news. The chemical industry supports global trade duty-free and fair trade and, after the period of uncertainty caused by the Covid 19 pandemic, our sector looks forward to contributing to the recovery of the UK economy.
If until 31 In the absence of an agreement, many imports and exports will be subject to fees that may increase prices for businesses and consumers. Even if a trade agreement is reached, it will not remove all new controls, as the EU requires certain products (such as food) from third countries to be controlled. Companies must therefore be prepared. Norway is negotiating a comprehensive free trade agreement with Britain with the other EFTA countries, Iceland and Liechtenstein.