London: Britain and the European Union (EU) reached a wide-ranging agreement, which is expected to generate nearly 9 billion pounds (about $12.02 billion) for the British economy by 2040, Downing Street announced.
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, the summit brought together von der Leyen and European Council President Antonio Costa. All three praised the deal as a major step forward during a joint press conference.
One major highlight is a youth mobility scheme, described by Downing Street as "capped and time-limited," and modeled on similar agreements with countries like Australia and New Zealand. The UK and EU will also work toward restoring British participation in the Erasmus+ academic exchange program, from which the UK withdrew during the current 2021-2027 cycle.
Von der Leyen stressed that the mobility initiative will help rebuild long-term academic and cultural connections between European and British youth.
