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TRADE

Strong franc slowed Swiss trade in 2011

Switzerland's trade performance was muted in 2011 as the strong Swiss franc and gloomy global economic outlook took their toll, official figures showed on Thursday.

Exports in 2011 rose 2.1 percent to 197.6 billion francs while imports were up 1.9 percent at 173.7 billion francs, both figures well still well below 2008 highs, the customs administration said.

In December alone, exports were flat at 15.6 billion francs ($17 billion) while imports dropped 5.3 percent to 13.6 billion francs.

The trade surplus for the year at 24 billion francs was still a record, up 22 percent from 2010, the customs said.

“While demand from Asia flourished, it stagnated in Europe,” it said in a statement.

“Aside from the global economic slowdown, the main drag on exports was the strong Swiss franc. Exporters therefore had to make price concessions, and quite significant ones in some cases,” it added.

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TRADE

Norway and UK strike post-Brexit trade deal

Norway and the United Kingdom have struck an agreement on a free trade deal, the Norwegian government announced on Friday.

Norway and UK strike post-Brexit trade deal
Erna Solberg outside 10 Downing Street in 2019. (Photo by LUDOVIC MARIN / POOL / AFP)

Negotiations over the agreement have been ongoing since last summer, and the Norwegian government said that the deal is the largest free trade agreement Norway has entered into, outside of the EEA agreement. 

“The agreement entails a continuation of all previous tariff preferences for seafood and improved market access for white fish, shrimp, and several other products,” the Ministry of Trade and Industry said in a statement.  

One of the sticking points of the negotiations was Norway wanting more access to sell seafood in the UK, while the UK wanted more access to sell agricultural products like cheese.

The latter was a problem due to Norway having import protection against agricultural goods. 

“This agreement secures Norwegian jobs and value creation and marks an important step forward in our relationship with the UK after Brexit. This is a long-term agreement, which at the same time helps to accelerate the Norwegian economy,” Prime Minister Erna Solberg said in a statement.  

 The United Kingdom is Norway’s second most important single market, after the EU. In 2020 Norwegian companies exported goods worth 135 billion kroner to the UK and imported around 42 billion kroner of goods from the UK. 

Norway has given Britain 26 quotas on agricultural products, but not for mutton and beef. The agreement does not increase the UK’s cheese quotas, state broadcaster NRK have reported. 

The agreement will still need to be signed by both the Norwegian and UK parliament. 

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