United Kingdom Norway and Iceland Sign Trade Continuity Agreement
In what could be considered a milestone in the history of international trade, the United Kingdom, Norway, and Iceland have signed a trade continuity agreement. This move is an effort by the three countries to maintain their existing trade relationships even after Brexit is complete.
The trade continuity agreement was signed on 2 April 2019 in Iceland’s capital city of Reykjavik. The deal provides a framework that will allow businesses in the United Kingdom to continue trading with Norway and Iceland without interruption. The agreement will come into force once the United Kingdom leaves the European Union.
Some of the key benefits of this trade continuity agreement include maintaining the preferential tariff rates that the United Kingdom currently enjoys with Norway and Iceland. The agreement also ensures that businesses will be able to access the same level of public procurement opportunities, as well as protection for intellectual property rights and geographical indications.
The United Kingdom is currently in a state of flux with regards to its trade relationships post-Brexit. While the Trade Continuity Agreement with Norway and Iceland is a welcome development, the country is still in the process of negotiating ongoing trade relationships with other countries. The fate of these relationships is largely dependent on the outcome of Brexit, and the agreements that the United Kingdom is eventually able to negotiate with the European Union and other countries.
For businesses that rely heavily on trade with Norway and Iceland, the trade continuity agreement is a crucial development. These businesses can continue to operate as they currently do without the potentially devastating effects of untariffed goods or new import/export regulations.
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