A vision of green trade
Electricity and energy are also significant parts of the deal, with the UK and EU set to begin integrating energy markets more.
Following Brexit, the UK withdrew from the European Union’s integrated energy system, prompting the domestic power sector to advocate for enhanced electricity trading mechanisms with continental Europe.
Under the new agreement, both parties will investigate opportunities for British re-engagement with the EU’s unified electricity framework.
“It’s good for the stability of energy flows,” said Ursula von der Leyen, President of the European Commission.
“It is good for our common energy security, because we know that a bigger market will also be good for lowering the energy prices, and it will attract more private investment because of the regulatory stability and predictability that is there to tap into the vast potential that the North Sea offers, specifically for renewable, cheap and homegrown energy.”