UK & EU strike trade deal to boost economy, protect jobs

With the EU remaining the UK’s largest trading partner, the deal marks a significant step in reversing the post-Brexit trade slump, which saw UK exports to the EU fall by 21 per cent and imports by 7 per cent. The agreement will reopen key EU markets to British products, offering a lifeline to several vital industries, the government of the UK said in an official statement.

A key highlight is the alignment of the UK’s and EU’s Emissions Trading Systems, a move set to bolster the UK’s energy security and shield domestic businesses from the EU’s incoming carbon tax—potentially saving £800 million (~$1,070.03 million). Together with new sanitary and phytosanitary (SPS) measures, the deal is expected to contribute nearly £9 billion (~$12.04 billion) to the UK economy by 2040.

UK Prime Minister Keir Starmer said: “We’re ready to work with partners if it means we can improve people’s lives here at home. So that’s what this deal is all about – facing out into the world once again, in the great tradition of this nation. Building the relationships we choose, with the partners we choose, and closing deals in the national interest. Because that is what independent, sovereign nations do.”

Minister for EU relations and lead government negotiator, Nick Thomas-Symonds said: “Today is a historic day, marking the opening of a new chapter in our relationship with the EU that delivers for working people across the UK. Since the start of these negotiations, we have worked for a deal to make the British people safer, more secure and more prosperous. Our new UK-EU Strategic Partnership achieves all three objectives. It delivers on jobs, bills and borders. Today is a day of delivery. Britain is back on the world stage with a government in the service of working people.”

The deal also aims to reduce red tape, restore smoother food and goods trade, protect British steel exports, enhance security data sharing, and improve travel convenience for holidaymakers and pet owners. Additionally, a new Security and Defence Partnership will open opportunities for the UK defence sector in the EU’s proposed £150 billion SAFE fund.

The deal will also enable a potential youth mobility scheme, strengthen efforts to curb illegal migration, secure a twelve-year fishing agreement, and uphold the UK government’s red lines on the single market, customs union, and freedom of movement, the statement added.

The UK will continue to hold talks with the European Union on the details of each commitment.

ALCHEMPro News Desk (KD)