The agreement can take effect if the UK leaves the EU without a deal.
Summary of the agreement
The Iceland-Norway-UK agreement on trade in goods incorporates the relevant provisions of the Agreement on the European Economic Area (“EEA Agreement”) and the trade-related bilateral agreements between Iceland and the EU and Norway and the EU in order to achieve continuity of effect of the existing preferential trade in goods arrangements as far as is possible.
The agreement provides for zero-rate tariffs on industrial products and preferential tariffs and tariff rate quota allowances for agricultural and fishery products.
The agreement also contains provisions on trade remedies, dispute settlement, customs cooperation and rules of origin.
The agreement provides certainty that UK businesses who trade with Iceland and Norway can continue in a no deal scenario, without any additional tariffs.
The agreement also ensures continuous market access for UK producers exporting to these markets and continued trade of Icelandic and Norwegian produce into the UK market for the benefit of the UK consumer.
When the agreement is active
The Iceland-Norway-UK agreement on trade in goods can take effect if the UK leaves the EU without a deal.