UK trade deal offers certainty and roadmap for other agreements

ACCA (the Association of Chartered Certified Accountants) welcomes the recent announcement of a trade deal between the UK, Norway, Iceland and Liechtenstein, saying the agreement provides certainty for many sectors of the UK economy and the accountants who work for and alongside them.

Glenn Collins, head of head of technical, policy and strategic engagement ACCA UK says: ‘A similar deal is anticipated with Switzerland as the other European Free Trade Agreement (EFTA) state. But this recent announcement will be welcomed by our members whose work brings them into contact with these jurisdictions, because of the investment and innovation opportunities this brings. The deal is particularly welcome for the oil & gas, agriculture and fishing sectors - including fish processing which is important to the economies of many north-east England and Scottish town economies.’

Alongside cutting tariffs on farm products, the deal also includes provisions for trade in digital services which will provide assurances for trade in services between the nations.

Glenn Collins concludes: ‘Whilst there has been a lot of focus on the Pacific region with the imminent UK-Australia deal, and the UK’s application to join The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), proximity with partners still remains an important part in trade, knowledge sharing and investment. Given the geographic closeness between the UK and EFTA nations, we hope this will bring about greater movement of students and professionals across the region.

‘This is therefore a welcome announcement that paves the way for long-term trade relations with some of our closest neighbours.’

Commenting on the Scottish angle to this deal, ACCA member Greg Houston from Infinity Partnership Limited, a multi-disciplinary accountancy and business advisory practice based in Aberdeen said: ‘The agreement with Norway is especially great news for the city of Aberdeen, and the whole of Scotland. We look forward to further benefiting from the long relationship between the two countries, and the investment and innovation opportunities it will bring for the future.’

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"This announcement will be welcomed by our members whose work brings them into contact with these jurisdictions, because of the investment and innovation opportunities this brings. The deal is particularly welcome for the oil & gas, agriculture and fishing sectors - including fish processing which is important to the economies of many north-east England and Scottish town economies."

Glenn Collins, head of head of head of technical, policy and strategic engagement - ACCA UK