U.K., EU renew ties at first formal summit post Brexit

The British government’s new agreement with the European Union will strengthen their defense partnership and ease trade restrictions, U.K. Prime Minister Keir Starmer said Monday. Leaders made the deal in London during the first formal summit between the U.K. and the EU after the 2020 finalization of its withdrawal from the 27-nation trade bloc. The agreement aligns with Starmer’s goal to restore relations with the union and follows trade deals with the United States and India. The British government said the new agreement would add more than $12 billion to the U.K. economy by 2040.

What is included in the deal? The new agreement grants EU fishing boats access to U.K. waters through 2038 in exchange for reduced regulation and checks on British food and drink products traded to the bloc. Leaders also adopted a new security and defense partnership which will allow the U.K. defense industry to participate in the union’s new $167 billion program to build up Europe’s defense system. The EU also agreed to allow British citizens to use airport e-gates when traveling in Europe, which will cut down on wait times. Officials also said they would cooperate on a youth experience program to allow young people to live and work temporarily in each other’s territory. 

Dig deeper: Read Elizabeth Russell’s report about the United States and China agreeing to slash tariffs for 90 days.