Exporters to Norway will enjoy a ‘pre-Christmas boost’ as new UK-Norway trading arrangements come into effect yesterday (2 December 2021). It follows a joint deal signed in July with Norway, Iceland and Liechtenstein. The Trade deal will create new a services and investment relationship with lower tariffs and exclusive duty-free quotas for UK exporters.
British firms exporting to Norway can now benefit from a limit on unnecessary paperwork. Electronic documents, contracts and signatures mean goods can move seamlessly across borders, this will save exporters both time and money.
Business travellers can also enjoy more streamlined and straightforward visa processes. British firms looking to set up or expand operations in Norway can transfer both staff and their families for four years. Norway has stripped back residency requirements for senior management and directors, meaning more UK talent can sit on Norwegian company boards without having to relocate.
UK services providers will benefit from ambitious market access provisions in the agreement for services trade, business mobility. Businesses will benefit from the recognition of the increasing importance of digital trade. The deal also assures the UK’s FinTech industry, enabling innovative FinTech firms to provide new services in Norway, without providing them elsewhere beforehand.