Overview

• A leaked draft outlines a UK-EU 'geopolitical preamble' committing to free and open trade, support for Ukraine, and multilateral cooperation.
• The agreement signals a reset in UK-EU relations, marking the most significant political declaration since Brexit.
• The UK government asserts it will not have to choose between deepening ties with the EU and pursuing a separate trade deal with the US.
• Parallel negotiations with the US over tariff carve-outs continue, though no agreement is guaranteed before the May 19 summit.
• Sectoral discussions on defense, security, fishing, and energy are ongoing as part of broader efforts to rebuild UK-EU cooperation.