OSLO: Britain has clinched post-Brexit trade agreements with Norway, Iceland and Liechtenstein as it seeks to forge new global trading relationships after leaving the EU.
The three nations, which are part of the European Economic Area allowing them access to the single market, have relied on temporary trade arrangements with Britain since the end of a Brexit transition period on Dec. 31.
Under the deal with Norway, import tariffs on Norwegian fish and seafood, its second-largest industry after oil and gas production, would be reduced, with no tariffs due on white fish, such as cod — a benefit for the fish processing industry in the north of England.
Britain will be able to export four cheeses to Norway, including Wensleydale and West Country Farmhouse Cheddar, with lower tariff payments than Norway normally imposes on foreign cheese, which can be as high as 277 percent. The parties did not say how much lower the tariffs would be.
“We have given on cheese, but we got a little more on fish,” Norwegian Prime Minister Erna Solberg told a news conference.
Trade between Britain and Norway was worth £20.4 billion ($28.81 billion) last year, making it Britain’s 13th largest trading partner. Britain is Norway’s top trading partner, primarily thanks to gas exports, and its third biggest buyer of fish and seafood.
Exports accounted for £8.1 billion and imports for £12.3 billion. Top British goods exports were ships, oil and aircraft, while the largest imports were oil, gas, metals, fish and seafood. “Today’s deal will be a major boost for our trade with Norway, Iceland and Liechtenstein,” British International Trade Secretary Liz Truss said in a statement. Total trade between Iceland and Britain was worth €651 million in 2020, with Iceland exporting fish, sheep meat and skyr, an Icelandic yoghurt.
“A new free trade agreement with Britain ... will be crucial for both Icelandic companies and consumers,” Iceland’s Foreign Minister Gudlaugur Thor Thordarson said in a statement.
The main focus of Britain’s post-Brexit trade policy has been to pivot its economic center away from Europe and toward fast growing economies in the Asia-Pacific region.
It is expected to seal a deal with Australia later this month, and is seeking to join a trans-Pacific trade pact.
Britain inks key trade agreement with Norway, Iceland
https://arab.news/j8ypc
Britain inks key trade agreement with Norway, Iceland
- The country seeks to forge new global relationships after leaving the EU
Gulf-EU value chain integration signals shift toward long-term economic partnership: GCC secretary general
RIYADH: Value chains between the Gulf and Europe are poised to become deeper and more resilient as economic ties shift beyond traditional trade toward long-term industrial and investment integration, according to the secretary general of the Gulf Cooperation Council.
Speaking on the sidelines of the World Governments Summit 2026 in Dubai, Jasem Al-Budaiwi said Gulf-European economic relations are shifting from simple commodity trade toward the joint development of sustainable value chains, reflecting a more strategic and lasting partnership.
His remarks were made during a dialogue session titled “The next investment and trade race,” held with Luigi Di Maio, the EU’s special representative for external affairs.
Al-Budaiwi said relations between the GCC and the EU are among the bloc’s most established partnerships, built on decades of institutional collaboration that began with the signing of the 1988 cooperation agreement.
He noted that the deal laid a solid foundation for political and economic dialogue and opened broad avenues for collaboration in trade, investment, and energy, as well as development and education.
The secretary general added that the partnership has undergone a qualitative shift in recent years, particularly following the adoption of the joint action program for the 2022–2027 period and the convening of the Gulf–European summit in Brussels.
Subsequent ministerial meetings, he said, have focused on implementing agreed outcomes, enhancing trade and investment cooperation, improving market access, and supporting supply chains and sustainable development.
According to Al-Budaiwi, merchandise trade between the two sides has reached around $197 billion, positioning the EU as one of the GCC’s most important trading partners.
He also pointed to the continued growth of European foreign direct investment into Gulf countries, which he said reflects the depth of economic interdependence and rising confidence in the Gulf business environment.
Looking ahead, Al-Budaiwi emphasized that the economic transformation across GCC states, driven by ambitious national visions, is creating broad opportunities for expanded cooperation with Europe.
He highlighted clean energy, green hydrogen, and digital transformation, as well as artificial intelligence, smart infrastructure, and cybersecurity, as priority areas for future partnership.
He added that the success of Gulf-European cooperation should not be measured solely by trade volumes or investment flows, but by its ability to evolve into an integrated model based on trust, risk-sharing, and the joint creation of economic value, contributing to stability and growth in the global economy.
GCC–EU plans to build shared value chains look well-timed as trade policy volatility rises.
In recent weeks, Washington’s renewed push over Greenland has been tied to tariff threats against European countries, prompting the EU to keep a €93 billion ($109.7 billion) retaliation package on standby.
At the same time, tighter US sanctions on Iran are increasing compliance risks for energy and shipping-related finance. Meanwhile, the World Trade Organization and UNCTAD warn that higher tariffs and ongoing uncertainty could weaken trade and investment across both regions in 2026.
