Reed Cavendish Wealth Management - Norway Seeks Bilateral Trade Agreement With UK

Norway hopes to begin bilateral trade discussions with the UK before Britain’s transition period to exit the European Union comes to an end in 2020. Reed Cavendish Wealth Management analysts say the European Union has been willing to show some flexibility on the issue.

Norway is not a European Union member country and wants to begin negotiations with the UK as soon as possible. Britain is Norway’s biggest trading partner, and Norway is keen to establish a trading protocol for the relationship with Britain after Brexit.

Reed Cavendish Wealth Management analysts say the UK is due to leave the European Union in March next year but a transition period that will run till the end of 2020 has been negotiated. During this time, Britain will remain a part of the European Union but will have limited powers.

Until recently the European Union was adamant that the UK could not begin formal trade talks with non-member countries like Norway until divorce negotiations had been finalized.

Reed Cavendish Wealth Management analysts believe that the European Union will try to adopt a flexible stance on the negotiations between Norway and the UK.

Norway is a member of the European Union’s common market, an option that was offered to the UK but rejected by Prime Minister Theresa May.

Reed Cavendish Wealth Management analysts say Norway’s top priority with regards to foreign policy at this point is to maintain strong international cooperation especially in the face of recent trade war threats.

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