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Brussels has agreed to notify third countries such as Norway of trade arrangements being “rolled over” for the transition, but many trade experts fear that trade partners will demand concessions in return.
However, Siv Jensen, Norway’s finance minister, has told the Financial Times that Oslo had “no objections to a transition period” with “flexible solutions”.
Norway participates in the single market through its membership of the European Economic Area but is not in the EU’s customs union.
In a speech during a visit to London, Ms Jensen warned against “regulatory arbitrage” after Brexit and said Norway and other countries neighbouring the UK had “an interest in the UK continuing to endorse the idea of common rules and a level playing field”.
An international system of financial rules, Ms Jensen insisted, had “served UK interests”, adding that Britain and London had “a special interest in being regulated like their neighbouring countries” to “make it easier . . . to operate across borders”.
She recognised that Norway’s form of association with the EU — which gives it full single market participation at the price of accepting all its rules — is “obviously not” a model for the UK, given the red lines laid down by the British government. She declined to say whether Norway would welcome a UK re-entry into the European Free Trade Association, which would allow but not require joining the EEA. [...]
Full article on Financial Times (subscription required)