Details of the deal were still being thrashed out hours before a 10am deadline today, according to UK business secretary Jonathan Reynolds.
As part of the discussions, the first since former Conservative Prime Minister Boris Johnson agreed the initial Brexit deal five years ago, EU fishing boats will be given access to UK waters for 12 years to 2038.
EU boats were given access to UK waters as part of the initial Brexit agreement, but the deal runs out in June 2026.
“We not the political agreements leading to full reciprocal access to waters to fish until 30 June 2038 and extending energy co-operation on a continuous basis,” BBC reports say.
Yearly quotas will continue with the EU and Norway on a yearly basis, with licenses issued to control who fishes in the UK waters.
The UK government is also expected to reveal a £360m fishing industry and coastal growth support fund.
EU-UK trade deal on food and drink
Food, drink and agriculture businesses across the Channel will benefit from improved trading rights.
The UK would not change its food standards in light of a recently agreed deal with the US, Reynolds said in an interview this morning.
“We have been clear in all our trade negotiations we will not change our food production standards,” he said.
The UK has agreed reduced checks on food exports to the EU, while some border checks on animal and plant exports to the EU will also be dropped.
Raw burgers and sausages to EU
Raw burgers and sausages can again be sold back to the EU for the first time since Brexit under new sanitary and phytosanitary (SPS) agreements.
EU relations minister Nick Thomas Symonds said on X they were “historic” and it would be “good for jobs, good for bills, good for borders”.
The Pound Sterling made significant gains against other leading currencies, except the Euro, on Monday morning ahead of the deal announcement. This included big gains against the US dollar which has weakened following president Donald Trump’s meandering tariffs.
Food and drink industry leaders have largely welcomed the deal. Dairy UK chief executive Judith Bryans said: “As our largest and oldest trading partner, unencumbered trade with the EU is incredibly valuable for the dairy and agri-food sector and the ease in administrative requirements will be very welcome for our members.
“We’re particularly pleased to see a common understanding on SPS regulations, which is a critical and welcome step forward for dairy trade.”
Simon Geale, executive vice president at procurement specialist, Proxima, said: “The newly announced UK-EU trade agreement marks a significant turning point for cross-border commerce. It will look to address one of the core pain points for US businesses, namely their ability to work freely and easily with Britain’s largest trading partner, particularly for goods.
“A reduction in red tape will be welcome by British businesses, particularly by SME’s who will feel the benefit directly of less regulation, smother travel through customs and an overall decrease in “cost to trade” with the EU. The opportunity now is to look at how procurement, logistics and inventory strategy and relationships play in to our next new normal."
