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Norway and the United Kingdom will not be able to conclude a free trade agreement before the New Year. EMERGENCY SOLUTION: - It is important to ensure that trade in goods between us and the UK continues from January 1st. Under the same conditions as today, says Foreign Minister Ine Eriksen Søreide.
Norway and the United Kingdom agreed that an interim goods agreement would be concluded. It will apply from 1 January until the entry into force of the new free trade agreement. Cited by the Ministry of Trade and Industry in a press release.
Hoping for a short transition period
The new agreement has to be in place because the UK has left the EU and therefore needs a new framework for trade with Norway.
The current post-Brexit transitional arrangements expire by the New Year.
The Norwegian side hopes that a full-fledged free trade agreement with Great Britain will only enter into force a few months later. So the currently concluded transitional agreement will be short-lived.
Fallback solution for Norway.
- This is important to ensure. That trade in goods between us and the UK will continue from 1 January on the same terms as today. In this way, we protect our interests with the "bridge solution" while continuing to negotiate at full speed. This is to conclude a free trade agreement as soon as possible, says Foreign Minister Ine Eriksen Søreide (H).
Insurance policy
The transition agreement will be based on a "no deal" agreement Norway and Great Britain have had it in the drawer since March 2019. This was negotiated as an insurance policy in the event that the UK left the EU without an agreement on the transitional arrangements currently in force. and valid until the end of the year.
Limited solutions are also considered for trade in services and investment, two areas that will not be covered by the Interim Commodity Agreement.
But even if the full FTA negotiations are still in full force, a lot of work will be left before it enters into force.
Accordingly, Norway and the United Kingdom recognize. It is not realistic to end a free trade agreement temporarily so that it can enter into force on 1 January 2021.
