Britain and the European Union (EU) reached a wide-ranging agreement, which is expected to generate nearly 12.02 billion dollars for the British economy by 2040. 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 said that this deal slashes red tape for exporters and will bring down food prices in British supermarkets, and it directly impacts working people across the country.
The agreement 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. 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.