U.K. Inks Trade Deals with Norway, Iceland

Britain has clinched post-Brexit trade agreements with Norway, Iceland and Liechtenstein as it seeks to forge new global trading relationships after leaving the European Union, Reuters reported. The three nations, which are part of the European Economic Area allowing them access to the single market, have relied on temporary trade arrangements with Britain since the end of a Brexit transition period on Dec. 31. Under the deal with Norway, import tariffs on Norwegian fish and seafood, its second-largest industry after oil and gas production, would be reduced, with no tariffs due on white fish, such as cod - a benefit for the fish processing industry in the north of England. Britain will be able to export four cheeses to Norway, including Wensleydale and West Country Farmhouse Cheddar, with lower tariff payments than Norway normally imposes on foreign cheese, which can be as high as 277%. The parties did not say how much lower the tariffs would be. Read more.