Brexit Britain in huge 21.6BN win as Norway deal comes in -Boost trade and cut red tape’ – Daily Express

International Trade Secretary Anne-Marie Trevelyan took to Twitter to announce the news, while also listing several key benefits the deal will provide for the UK. She wrote: "Our ambitious free trade agreement with Norway kicks in today bringing a whole range of benefits. Enhanced digital trade to boost trade & cut red tape; reducing barriers to trade in Services, like FinTech; supporting jobs in key sectors across UK. Trade=growth=jobs."

The Department for International Trade (DIT) said food producers, services companies and exporters to Norway will enjoy a pre-Christmas boost as the trading arrangements between the two countries come into effect.

This follows a joint deal signed with Norway, Iceland and Liechtenstein signed in July.

The Government department said the latest trade deal will "bring the UK and Norway closer than ever before, creating a new services and investment relationship with lower tariffs and exclusive duty-free quotas for UK exporters".

As a result, "cutting-edge digital provisions" means British firms exporting to the Scandinavian country "can now benefit from a limit on unnecessary paperwork".

Electronic documents, contracts and signatures will see goods move seamlessly between countries, "saving exporters both time and money", while British companies looking to launch or set-up operations in Norway can now also transfer staff and their families for four years.

Norway is one country to have reduced residency requirements for senior management and directors that could see increasing UK talent sit on Norwegian company boards without having to relocate.

There will also be a more streamlined visa process for business travellers.

The DIT said the deal with Norway underlines both countries "high ambition" on climate change, reaffirming their commitments to reach net zero.

READ MORE:Brexit trade deal imminent: 'Great Xmas present' set to be signed off

The multi-billion pound agreement with Norway will also enable fish feed exporters, many of them based in Scotland, to be able to take advantage of new opportunities to export tariff-free to Norway.

Britain's fish processing industry accounted for around 18,000 jobs throughout the nation in 2020 - most of which are based in Scotland, East Yorkshire and Northern Lincolnshire.

The DIT said a result of the Norway trade deal, the industry could reduce their costs thanks to zero tariffs on supply of certain fish and seafood, like prawns and white fish from Norway.

This trade deal will also help the Government to deliver on its levelling up agenda by "stimulating jobs and growth in the regions" according to the department.

Exporters to Norway of West Country Farmhouse Cheddar, Orkney Scottish Island Cheddar, Traditional Welsh Caerphilly, and Yorkshire Wensleydale cheese have also been boosted as they will enjoy "significantly reduced tariffs".

A variety of UK produce, includingsausages, eggs, pork,poultry,strawberries, potatoes, wheatand carrots, will also see furtherimprovedaccess through tariff reductions and quotas.

Sally Jones, EY Partner in Trade Strategy said: "While the signing of a trade agreement is a positive step, what really matters for businesses is these agreements coming into effect.

"Only then can companies start to capitalise on the benefits and opportunities such trade agreements create.

"The UK and Norwegian business communities have deep and long-standing ties, which should help with a smooth transition and these ties will only grow stronger once this agreement comes into force.

"UK services providers should look forward to using the ambitious market access provisions in the agreement for services trade, business mobility, as well as recognising the increasing importance of digital trade."

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Brexit Britain in huge 21.6BN win as Norway deal comes in -Boost trade and cut red tape' - Daily Express