The Home of Lords European Affairs Committee has revealed a report on the free commerce settlement with Iceland, Liechtenstein and Norway, concluded in July, which says that the settlement has potential advantages for the UK fish processing trade.
The settlement changed the momentary preparations agreed with Norway and Iceland on the finish of the transition interval.
In addition to sustaining the preparations in place earlier than Brexit, the report highlights further potential advantages within the new deal to the fisheries sector with the elimination of tariffs on the import of shrimps and prawns to the UK, which it says may ship financial savings for UK companies of between £1m and £2.7m yearly.
The committee additionally welcomed undertakings to develop additional co-operation throughout a spread of environmental points, such because the cost-effective deployment of renewable power, together with offshore wind era within the North Sea.
Lord Kinnoull, chair of the committee, mentioned: “Whereas the settlement is partially an train in restoring the place and looking for to keep away from the imposition of latest boundaries to commerce, somewhat than in eradicating present boundaries, its influence upon commerce in items and providers might be important, significantly in the long run.
“We do nonetheless proceed to have considerations concerning the timing and degree of scrutiny and engagement
for the free commerce agreements which can be being struck, particularly in a deal involving two of the UK’s speedy neighbours in Iceland and Norway. It’s of significant significance that parliament at Westminster and the devolved legislatures have the chance to look at these agreements and feed into the negotiation course of earlier than it concludes.”
The complete Lord report could be learn here.
This story was taken from the most recent problem of Fishing Information. For extra up-to-date and in-depth experiences on the UK and Irish business fishing sector, subscribe to Fishing Information here or purchase the most recent single problem for simply £3.30 here.