Brexit

ACCA throws support behind new UK trade deal

The accountancy body believes the new trade deal between the UK, Norway, Iceland and Liechtenstein ‘provides certainty’ for many sectors in the economy

The Association of Chartered Certified Accountants (ACCA) has issued its support for the latest post-Brexit trade deal between the UK, Norway, Iceland and Liechtenstein.

The accountancy body said it believes the new trade deal between the European countries “provides certainty” for many sectors in the UK economy.

Currently the deal includes provisions for trade in digital services which will provide assurances for trade in services between the nations, as well as the cutting of tariffs on farm products.

Glenn Collins, head of technical, policy and strategic engagement ACCA UK said: “A similar deal is anticipated with Switzerland as the other European Free Trade Agreement (EFTA) state.

“But this recent announcement will be welcomed by our members whose work brings them into contact with these jurisdictions, because of the investment and innovation opportunities this brings.”

He added: “The deal is particularly welcome for the oil & gas, agriculture and fishing sectors – including fish processing which is important to the economies of many north-east England and Scottish town economies.

“Whilst there has been a lot of focus on the Pacific region with the imminent UK-Australia deal, and the UK’s application to join The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), proximity with partners still remains an important part in trade, knowledge sharing and investment.”

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