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New UK-Norway trading arrangements came into effect on the 1 December 2021.
It follows a joint deal signed in July with Norway, Iceland and Liechtenstein, and will bring the UK and Norway closer, creating a new services and investment relationship with lower tariffs and exclusive duty-free quotas for UK exporters.
Cutting-edge digital provisions mean British firms exporting to Norway can now benefit from a limit on unnecessary paperwork. Electronic documents, contracts and signatures mean goods can move more easily across borders, saving exporters both time and money.
British firms looking to set up or expand operations in Norway can now transfer 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. Business travellers can also enjoy more streamlined and straight-forward visa processes.
The deal also provides assurance to the UK’s FinTech industry, enabling innovative FinTech firms to provide new services in Norway, without providing them elsewhere beforehand.
Underlining both countries high ambition on climate change, the deal explicitly reaffirms Norway and the UK’s commitments to reaching net zero. The deal creates further opportunities for investment and job creation in the UK’s green economy, including in renewables, green shipping and electric vehicles.
