On the 8th local time, the British government website announced that the United Kingdom signed a continuity agreement on goods trade with Iceland and Norway in London on the same day.
The announcement said that the agreement covers the goods trade between the United Kingdom and Iceland and Norway, ensuring that 95% of commodity trade with Norway and 90% of commodity trade with Iceland remain zero tariffs, thus ensuring that British enterprises and those from the two Nordic countries can continue to be on the current terms after the end of the transition period. Conduct trade exchanges.
The announcement pointed out that the agreement ensures that British companies will continue to enjoy duty-free treatment for industrial exports. In addition, British consumers can continue to enjoy the popular Icelandic and Norwegian seafood, such as frozen blackfish. Last year, more than 30% of British fresh fish fillet imports came from Iceland, many of which were used in British fish and chips stores.
In 2019, the total value of trade between the United Kingdom and Iceland and Norway was 27 billion British pounds, of which merchandise trade exceeded 20 billion British pounds.
It is reported that if the UK fails to reach this agreement with the two countries, the UK import tariffs from Iceland and Norway may increase by about 65 million pounds under World Trade Organization trade arrangements after the Brexit transition period on January 1 next year.