London and Brussels will hold a summit on May 19, at which British Prime Minister Keir Starmer and European Commission President Ursula von der Leyen are expected to sign an updated trade deal.
The agreement is extremely crucial in the context of changing international trade and US President Donald Trump’s tariff policy. For the ruling Labour Party in the UK, co-operation with the EU is necessary to create new jobs, while for the economic bloc, Britain will become an important investment platform.
According to media reports, the UK does not want to return to the EU, but a simplified youth migration system will be established between the island and the continent, food checks will be abolished, and an agreement on carbon emission standards will be signed.
The Labour government opposes the free market agreement. The reason lies in concerns about a possible blow to the competitiveness of British goods and a negative impact on the labour market, which was the basis for the UK’s withdrawal from the EU (Brexit) in 2016.
According to the head of the UK negotiating team, Nick Thomas-Symonds, the new agreement between the UK and the EU will mark a break with the “debates and disputes of the past.” Thomas-Symonds, a Labour Party member of the British Parliament, said:
“We want to put money in the pockets of working people and ensure long-term stability and security for Britain; our policies will not be defined by the debates and disputes of the past.”
The deal between Brussels and London is expected to be similar to the one the EU signed with Switzerland in 2023, with changes based on the specifics of bilateral cooperation.
The parties also plan to sign a defence pact. In the new EU White Paper for defence, British military-industrial companies were allowed to participate in tenders on the European defence market. The details of its terms were discussed on April 24 during a preliminary meeting between Starmer and von der Leyen in London.
