The new U.K.-EU agreements will institutionalize security and defense cooperation and ease post-Brexit trade frictions through targeted initiatives on agrifood, carbon markets and regulatory alignment, though lingering political constraints will continue to limit deeper integration in the near term. The United Kingdom and the European Union reached a series of agreements at a summit in London on May 19, including a security and defense pact and a common understanding paper charting paths for future cooperation across multiple policy areas. The security and defense agreement establishes a biannual strategic dialogue between London and Brussels, as well as various coordination mechanisms on addressing hybrid threats, enforcing sanctions and aligning positions on Ukraine and other foreign policy issues. On trade, the United Kingdom agreed to extend EU access to British fishing waters through 2038. In exchange, the European Union granted the United Kingdom a veterinary agreement to reduce border checks and paperwork on...
