In terms of their overall trade volumes, this deal is more significant for Norway and Iceland than it is for the UK.
But politically, it's really important for the post-Brexit British government to show that new trade deals are being done quickly. Even if - as the Norwegian side points out - it is less open than the previous relationship inside the same single market.
The new deal builds on the rollover agreement the UK signed before it left the EU's economic zone, and the government is keen to stress it includes important elements on digital trade which go beyond what the EU has.
But digital and data provisions are relatively new elements in free trade agreements, and it's still unclear how effective they are in the long term.
"At first sight, the deal looks cautiously ambitious," says trade expert David Henig from the European Centre for International Political Economy.
"In many fields, from climate change to SMEs [small businesses] to digital, it sets out some goals, without it being obvious that the underlying provisions will deliver them."
So, it's a decent start. But it's the implementation that counts.
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"Prior to the UK's exit from the EU, Norway enjoyed free movement of goods, services, capital and persons to the UK through the EEA agreement," Norway said.
"A free trade agreement will not provide similar access to the British market."