LONDON, May 19 (Xinhua) -- Britain and the European Union (EU) have reached a wide-ranging agreement expected to boost the British economy by nearly 9 billion pounds (approximately 12.06 billion U.S. dollars) by 2040, Downing Street announced on Monday.
The deal was unveiled ahead of a high-profile summit with EU leaders held in London on Monday. A key feature of the agreement is the introduction of a youth mobility scheme. Downing Street described it as "capped and time-limited," and modeled on similar arrangements Britain has with countries such as Australia and New Zealand.
The agreement also addresses illegal migration, with both sides committing to cooperation "on returns and a joint commitment to tackle channel crossings."
In the fisheries sector, the two sides have also agreed on a new 12-year deal securing continued British access to EU waters. According to the news release, the agreement ensures EU vessels will not increase their catch in British waters. To support domestic fisheries, the British will invest 360 million pounds to modernize their fleets and upgrade their technology and equipment. British fishing businesses will also benefit from reduced costs and red tape under the sanitary and phytosanitary (SPS) agreement, facilitating exports.
Downing Street said the SPS agreement will eliminate certain routine checks on animal and plant products, helping restore the free flow of goods, including between Britain and Northern Ireland.
Following a 21 percent fall in exports and a 7 percent drop in imports since Brexit, Downing Street said the deal will enable British products, such as burgers and sausages, to re-enter the EU market.
The deal also includes environmental commitments. The two sides agree to link their Emissions Trading Systems to "avoid businesses being hit by the EU's carbon tax due to come in next year."
Additionally, a "bespoke arrangement" for British steel exports will shield British producers from new EU regulations and tariffs, potentially saving steelmakers an estimated 25 million pounds per year.
According to the deal, Britain will also launch talks for access to EU facial image databases for the first time, complementing existing collaboration on DNA, fingerprint, and vehicle registration data. The agreement will also expand the use of eGates for British travelers entering the EU and introduce "pet passports" for British cats and dogs accompanying their owners. ■
