Norway and the U.K. reached a temporary deal to protect trade should Britain tumble out of the European Union with no deal at the end March.
The deal secures prolonging zero tariffs on industrial goods and on established quotas on seafood and agricultural products, according to a statement from Norway’s Foreign Ministry. Iceland is also party to the accord.
Foreign Minister Ine Eriksen Soreide said the agreement was “very positive” for Norwegian businesses.
The deal also establishes a basis for negotiating a permanent agreement to ensure the continuation of as much of the open trade arrangement that the single market represents, including trade in services, the ministry said.
“It will be a high priority for Norway to start such negotiations as quickly as possible,” it said.