Britain and the EU agreed to "reset" relations: what the new agreement entails
Photo: ERA / NEIL HALL / POOL

The United Kingdom and the European Union have reached a historic agreement to "reset" relations after Brexit, the European Council press service reported.

Following the summit in London, the parties adopted three documents:

  • a joint statement;
  • partnership in the field of security and defense;
  • a common understanding on a renewed agenda for cooperation between the European Union and the United Kingdom.

The main result of the negotiations was an agreement to extend access for European fishing vessels to British waters for another 12 years.

The Financial Times notes that this decision may draw criticism from the opposition Conservative Party, as London previously offered only five years of access.

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Instead, UK Prime Minister Keir Starmer has secured an indefinite veterinary agreement that will reduce the number of checks and bureaucracy for exporting British food and fish to the EU.

At the heart of the "reset" of relations between the countries is also a defense and security pact, which could allow British defense companies to participate in a €150 billion program to rearm Europe.

Three EU diplomats confirmed to the newspaper that Brussels has abandoned the demand to tie the duration of the agri-food agreement to the fisheries agreement.

The parties also agreed to begin negotiations on a new youth mobility program, which could potentially include Britain's return to the Erasmus program.

But no specific commitments in this direction were signed at the summit – the statement only mentions the intention to "move towards an agreement."

In addition, according to Reuters, the agreement will provide for:

  • continuing efforts to support travel and cultural exchange, including the activities of artists;
  • emphasizing commitments to deepen cooperation in addressing problems related to irregular migration;
  • exploring the possibilities of the UK's participation in the EU's internal electricity market;
  • the continuation of the Windsor Agreement, which provides for the preservation of Northern Ireland's privileged unique dual access to both the EU single market and the UK internal market;
  • work on establishing a link between carbon emission quota markets.

At the same time, British officials have acknowledged that the EU will not agree to an open-ended agreement to remove barriers to trade in food and animals after Brexit if Brussels is not satisfied with the fisheries agreement.

Britain also acknowledged that removing barriers to food trade would require it to "dynamically align" with rules adopted in Brussels, as well as making payments to the EU to fund work on food and animal standards.