Trade minister Liam Fox told, Britain settled a deal with Norway and Iceland for allowing trade to resume unaltered if it leaves the European Union without a deal. Britain is attempting to make a replica around 40 EU bilateral trade deals before its exit from the bloc.
Within just 11 days, until Britain is due in law to leave the bloc, the government has yet to win the support of the parliament for its Brexit deal with Brussels. UK Prime Minister Theresa May has told she will desire a detainment to Brexit at a meeting of EU leaders in this week but any extension has to be approved concertedly.
If without a deal Britain leaves, the subsisting bilateral trade agreements will cease to apply. Fox told in a statement, “ We have just reached the agreement with Iceland and Norway to ensure continued access for British businesses to the European Economic Area should we leave the EU without a deal”.
He also added, “ This is one of the largest trade agreements we are party to as a result of our membership of the EU”. The agreement has been endorsed and, subject to final legal checking, will be formally signed in the next week according to his department.
Ongoing trade with the other EEA member Liechtenstein and Switzerland, which is neither an EU nor EEA member but is part of the single market of EU, is shielded by an agreement already signed in February.