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Iceland opens door for UK to join EFTA – Telegraph.co.uk

“In my view, Iceland could also somehow take advantage of the free trade agreements the UK is going to have in the near future because it’s quite obvious that countries are going to want to strike a trade deal with the UK which is one of the largest economies in the world.”

The UK was a founder EFTA member in 1960, but left to join the EU in 1973.

The House of Commons international trade committee described temporary EFTA membership as an “opportunity for a smoother transition as the UK exits the EU in 2019” because it could also benefit from EFTA’s current trade deals.

Mr Thordarson said discussion about EFTA membership formed part of a wide range of options for future trade and “more co-operation” after the UK leaves the EU.

Mr Thordarson also urged politicians to focus on getting good deals for all.

“There is a lot of talk about who is the more reliant trade partner, the UK or the EU. But quite simply if there is a bad deal people will lose jobs in both, and everyone’s living standards will be hit.”

The EY ITEM Club will say that the general election result has increased the chances of a “business friendly” Brexit transition arrangement, though it downgraded its 2017 growth forecast to 1.5pc from 1.8pc.

Iceland opens door for UK to join EFTA – Telegraph.co.uk

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