Norway trade debate LIVE: Lords to outline Brexit fisheries victory after £21bn deal DONE

Jeremy Vine guest discusses France's fishing threats

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The UK’s post-Brexit trade deal with Norway, Iceland and Liechtenstein could reduce the cost of fish on the shelves, according to a report by the House of Lords European Affairs Committee. The deal, which the Government signed at the end of July, was estimated to be worth £21.6billion last year and would also reduce costs for the fishing processing industry. The Lords will discuss the free trade agreement at 5:30pm Thursday.

Ahead of full ratification, the House of Lords European Affairs Committee has published a report on the deal that highlights the extra potential benefits for the fisheries sector.

It said: “Tariffs on the import into the UK of shrimps and prawns are removed, delivering savings of between £1million and £2.7million annually.

“While benefiting businesses in Norway, this should also reduce costs for the UK fish processing industry (employing around 18,000 people across the UK, almost three-quarters based in Scotland, East Yorkshire and northern Lincolnshire), and ultimately for consumers.

“On the other hand, Norway has agreed to cut certain tariffs for imports of UK fish feed from 10.5 percent to zero, thereby achieving annual savings of some £4.1 million.”

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£4.1million saved every year under new deal

Before the debate Thursday, the House of Lords European Affairs Committee published a report on the deal that highlights the extra potential benefits for the fisheries sector.

The report said: “Tariffs on the import into the UK of shrimps and prawns are removed, delivering savings of between £1million and £2.7million annually.

“While benefiting businesses in Norway, this should also reduce costs for the UK fish processing industry (employing around 18,000 people across the UK, almost three-quarters based in Scotland, East Yorkshire and northern Lincolnshire), and ultimately for consumers.

“On the other hand, Norway has agreed to cut certain tariffs for imports of UK fish feed from 10.5 percent to zero, thereby achieving annual savings of some £4.1million.”

‘Significant, long-term impact,’ says Lord

Lord Kinnoull, chairman of the House of Lords European Affairs Committee, said: “We welcome the Government’s successful conclusions of negotiations on a free trade agreement with Norway, Iceland and Liechtenstein and the speed with which agreement was reached.

“While the agreement is in part an exercise in restoring the position and seeking to avoid the imposition of new barriers to trade, rather than in removing existing barriers, its impact upon trade in goods and services could be significant, particularly in the long term.

“We do however continue to have concerns about the timing and level of scrutiny and engagement for the free trade agreements that are being struck, especially in a deal involving two of the UK’s immediate neighbours in Iceland and Norway.

“It is of vital importance that Parliament at Westminster and the devolved legislatures have the opportunity to examine these agreements and feed into the negotiation process before it concludes.”

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