The UK’s post-Brexit trade deal with Norway, Iceland and Liechtenstein could reduce costs for the fish processing industry and ultimately for consumers, a report by the House of Lords European Affairs Committee claims.
The Government signed the free deal at the end of July.
According to the trade ministry, the deal would help sectors including digital, financial and professional business services and cut tariffs for British exports, boosting a trading relationship worth £21.6 billion last year.
The UK is Norway’s top trading partner outside the EU, and in terms of their overall trade volumes, this agreement is more significant for Norway and Iceland than it is for London.
However, as the UK is no longer part of the European Common Fisheries Policy (ECFP), it must deal directly with Norway and British fishing fleets have been eager to gain access to the country’s sub-Arctic seas.
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UK trade deal with Norway, Iceland and Liechtenstein could mean cheaper fish