Blitz Bureau
Britain and the European Union (EU) have reached a wideranging agreement, which is expected to generate nearly 9 billion pounds (about $12.02 billion) for the British economy by 2040, Downing Street has announced., reported IANS.
The deal was unveiled ahead of the first-ever UK-EU summit held in London, a meeting hailed by both sides as a “historic moment.” European Commission President Ursula von der Leyen called the agreement a “new chapter” in the relationship, as the two sides seek to reset ties after years of post-Brexit friction.
Hosted by British Prime Minister Keir Starmer, the summit brought together von der Leyen and European Council President Antonio Costa. All three praised the deal as a major step forward during a joint press conference, Xinhua news agency reported.
One major highlight is a youth mobility scheme, described by Downing Street as “capped and time-limited,” and modelled on similar agreements with countries like Australia and New Zealand. The UK and EU will also work toward restoring British participation in the Erasmus+ academic exchange program, from which the UK withdrew during the current 2021-2027 cycle. Von der Leyen stressed that the mobility initiative will help rebuild longterm academic and cultural connections between European and British youth.
The agreement also includes a sanitary and phytosanitary (SPS) deal aimed at easing trade in food and agricultural goods. It will eliminate many routine checks on animal and plant products, cutting costs, reducing red tape, and reopening EU markets to British exports such as burgers and shellfish. It will also streamline goods movement between Britain and Northern Ireland under the Windsor Framework.
“This deal slashes red tape for exporters and will bring down food prices in British supermarkets,” Starmer said. “It directly impacts working people across the country.” In the fisheries sector, Britain and the EU agreed to a 12-year framework that preserves British access to EU waters and maintains current quotas for EU vessels. The British government will invest 360 million pounds to modernise its fleet and upgrade technology
