London: The UK reached a new trade deal with the EU to add about 9 billion pounds (USD 12 billion) to the British economy by 2040, facilitate transactions in the European market, and reduce bureaucracy, said British Prime Minister Keir Starmer.
According to Kuwait News Agency, British Prime Minister's Office quoted Starmer as saying, "It is time to move on from outdated political debates and disputes and seek common sense and practical solutions that bring the best to the British people." In turn, the British Minister of State for Relations with the EU and the government's chief negotiator, Nick Thomas-Symonds, said, "Today is a historic day, marking the opening of a new chapter in our relationship with the European Union, one that will benefit people across the United Kingdom." Since the beginning of these negotiations, which lasted for about six months, the government has been working to reach an agreement that enhances the safety, security, and prosperity of the British people by providing more job opportunities, reducing the cost of living, and securing the borders, he added.
The agreement included a risk assessment agreement under the Sanitary and Phytosanitary Measures Agreement to facilitate the import and export of food and beverages between Britain, the EU, and Northern Ireland, while removing some routine inspections of animal and plant products, which would lead to lower food prices.
The EU is the UK's largest trading partner. Since Britain left the EU in January 2020, British exports to the EU have fallen by 21 percent and European imports by 7 percent. However, under the new agreement, the UK will now be able to resume selling a variety of products to the EU, supporting British industries.