British businesses will be able to trade freely with Iceland and Norway if the UK leaves the European Union without a deal under a new agreement announced by Liam Fox.

The UK’s International Trade Secretary said the agreement, which is subject to final checks before it is expected to be signed next week, was a “major milestone” in the Brexit preparations.

It will replicate the existing European Economic Area agreement (EEA) as far as possible, the Department for International Trade said.

Dr Fox said: “We have just reached 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.

“This is one of the largest trade agreements we are party to as a result of our membership of the EU.


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