UK Statement at Norway's World Trade Organization Trade Policy Review: Key Takeaways and Statistics

Strategic Insights -

The UK's Permanent Ambassador to the WTO and UN, Simon Manley, delivered a statement at Norway's World Trade Organization Trade Policy Review, highlighting the country's economic resilience and commitment to open trade. The review highlighted Norway's high GDP per capita, transformation into a high-income, knowledge-based economy, and its strong bilateral relationship with the UK.

Key Takeaways:

  • Norway's trade has been remarkable, with international trade accounting for over 80% of its GDP, as stated by the World Bank.
  • Between 2018 and 2024, foreign trade rose steadily, with imports growing from over 700 billion Norwegian Krone to over one trillion Krone, and exports from just over one trillion Krone to almost two trillion Krone.
  • Excluding oil, gas, ships, and drilling platforms, traditional goods trade rose by about 50%, and services trade by 110%.
  • The UK welcomes Norway's commitment to open trade and investment, as reflected in its Digitoll customs declaration system, set for full rollout next year.
  • Bilaterally, the UK's relationship with Norway is exceptionally close, with trade valued at over £38 billion in 2024, with the UK being Norway's 12th largest trading partner.
  • The UK-EEA/EFTA Free Trade Agreement (FTA) signed in 2021 provides a modern and comprehensive framework for trade between the two countries.
  • The UK and Norway have a strategic partnership, with a focus on priority sectors such as energy, and have committed to build on their bilateral partnership to achieve shared clean energy goals.

Statistics:

  • International trade accounts for over 80% of Norway's GDP (World Bank).
  • Between 2018 and 2024, foreign trade rose steadily, with imports growing from over 700 billion Norwegian Krone to over one trillion Norwegian Krone, and exports from just over one trillion Norwegian Krone to almost two trillion Norwegian Krone.
  • Excluding oil, gas, ships, and drilling platforms, traditional goods trade rose by about 50%, and services trade by 110%.
  • Imports represent over 40% of Norway's GDP.
  • Norway was the UK's 12th largest trading partner in 2024, with total trade valued at over £38 billion.
  • The UK-EEA/EFTA Free Trade Agreement (FTA) provides a modern and comprehensive framework for trade between the two countries.

Sources:

  • UK Statement at Norway's World Trade Organization Trade Policy Review
  • World Trade Organization Trade Policy Review Report
  • UK Government
  • World Bank