Irish and EU fishers will have access to British territorial waters until June 2038 under a new deal agreed by the UK and EU to 'reset' relations.

British Prime Minister Keir Starmer has claimed the deal, which includes a new sanitary and phytosanitary agreement on plant and animal products, will add around £9bn (€10.6bn) to the UK economy by 2040.

The UK government said that "some routine checks on animal and plant products will be removed completely," reducing trade barriers between Britain and Northern Ireland, and that British fishers would benefit from increased access to European markets.

The fisheries agreement will last from 12 years from 2026 to 2038, rather than four years as desired by the British government, and there will be annual consultations to set quotas of fish.

Westminster further said it would invest £360m in the British fishing industry to modernise the fleet, upskill the workforce, revitalise coastal communities, support tourism and boost seafood exports.

The Strategic Partnership is intended to increase cooperation between the territories on security and defence initiatives, support for Ukraine in its war with Russia, and allow for regular "high-level dialogues" and strategic consultations.

British manufacturers will have access to the EU's proposed €150m Security Action for Europe (SAFE) defence fund. The UK will also enter talks regarding access to EU facial image data.

Passport eGates will be reopened to British nationals travelling to the EU and vice versa, and the pact also includes commitments for greater cooperation on energy, new technologies, competition, law enforcement, and migration.

A 'youth experience scheme' has also been agreed in principle, which UK Minister for European Union Relations and lead negotiator Nick Thomas-Symonds said would be "capped and time-limited," mirroring existing schemes the UK has with Australia and New Zealand.

"It’s time to look forward. To move on from the stale old debates and political fights to find common sense, practical solutions which get the best for the British people," Starmer said.

"We’re ready to work with partners if it means we can improve people’s lives here at home.

"So that’s what this deal is all about – facing out into the world once again, in the great tradition of this nation. Building the relationships we choose, with the partners we choose, and closing deals in the national interest. Because that is what independent, sovereign nations do."

European Commission president Ursula von der Leyen described it as "a new chapter" in the EU-UK relationship.

Photo: Ursula von der Leyen and Keir Starmer in Albania on Friday. (Pic Leon Neal/Getty Images)