UK in negotiations to restart financial contributions to EU’s cohesion policy

The statement on the Council's website said that: "The aim of the electricity agreement is to allow the UK’s participation in the EU’s internal electricity market by aligning respective rules, thus significantly contributing to energy security for both parties, especially amid the current geopolitical turmoil."

Meanwhile, it stated: "The agreement on the UK’s financial contribution towards reducing disparities between the EU regions by increasing the bloc’s economic, social and territorial cohesion is part of a consistent EU policy that couples the granting of market access to a third country with a fair financial contribution reflecting the benefits derived from such access.

Marilena Raouna, Deputy Minister for European affairs of the Republic of Cyprus said: "Today’s decisions mark tangible progress in delivering on the outcomes of the first EU–UK Summit held in May last year, where we opened a new chapter in our partnership.

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"By promoting learning mobility via Erasmus+, we are advancing shared interests and reinforcing people-to-people ties, especially for our youth.

"At the same time, by deepening cooperation in electricity, we are enhancing energy security and creating new opportunities for businesses.

"These decisions undoubtedly mark a significant step in forging a strong, mutually beneficial, and forward-looking EU-UK partnership."