The Norway model describes two key European organisations - the European Free Trade Association (EFTA) and European Economic Area (EEA). Norway, alongside Lichtenstein and Iceland, may be a member of both the organisations. EFTA is formed from the three (3) countries listed above, plus Switzerland. The group trades between itself and has signed trade deals with variety of non-EU countries, Canada, Mexico et al. The EEA, on the opposite hand, may be a collaboration of all the EU Member States plus Norway, Lichtenstein and Iceland. All EEA members, including the non-EU members, enjoy full access to the contentious European single market.
EEA membership is merely available to either EU or EFTA Member States. So, under a Norway-style Brexit, Britain would join EFTA to become the 31st full member of the EEA.
Being an EFTA-EEA country would allow to Britain maintain full, tariff-free access to the Single Market. That might include services, which currently account for around 80% of Britain's economy.
Most research suggests this has the ability to be the smallest amount damaging sort of Brexit (UK in EEA after Brexit). The government's own impact assessment found the Norway option would be the smallest amount damaging option in terms of economic harm. And although Britain would retain full single market access, it wouldn't be forced to check in to a number of the EU's more contentious programmes. It wouldn't be required to hitch the EU's Common Fisheries Policy, for instance, which has long been a bugbear for several Brexiteers. It might even be exempt from the Common Agricultural Policy. And what about the much-debated European Court of Justice? Brexiteers are determined to abandon the EU's supreme court. Under the Norway model, the ECJ would not have any jurisdiction over Britain.
The Norway model clearly has its advantages - but it's not without criticism. Although Britain would finally be freed from the ECJ, it might be obliged to dock to the EFTA court, which to most Brexiteers would merely represent another set of unaccountable, interfering foreign judges. Then there's the difficulty of Britain's influence as an EFTA/EEA country. Under the Norway model, Britain would have full access to the only market but retains considerably less say in shaping its rules than it does now as an EU member.
Often mentioned as a “Norway-style soft Brexit,” it might mean accepting single-market rules, but not require direct involvement within the go after closer political union and agricultural policies.
Major Impact Areas thus include, Representative entity needed in the EEA for MRP/DCP/national and Centralised procedure, Artwork/Labelling & Packaging, QPPV, MAH for EU, GMP compliance and Clinical trials compliance etc.
To read more about each area affected, what you need to do is to stay ahead of the curve. How Freyr can help ease your transition into these new guidelines?