Trade Regulations

Norway announces trade agreement with UK

Jun, 04, 2021 Posted by Ruth Hollard

Week 202124

Norway announced on June 4 that it had reached a trade agreement with the UK, which left the European Union (EU) in 2020 after Brexit.
The treaty includes Iceland and Liechtenstein, which are also not part of the bloc and, together with the Norwegians, form the European Economic Area (EEA). Norway’s Prime Minister, Erna Solberg, called the agreement “ambitious and comprehensive”. “At a time when we are accelerating the path to get out of the pandemic, good export agreements are important,” she said.
Negotiations have been taking place since 2020. As part of the EEA, Norway has access to the EU common market. However, trade with the United Kingdom faced obstacles again after Brexit. “Although it is not as good as the EEA agreement, this is the most comprehensive free trade agreement ever,” celebrated the prime minister.
Norway exports about $24 billion worth of products to the UK annually, according to Solberg. The British said that by 2020, trade with the three EEA countries was $30.5 billion.
Source: Valor Econômico
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