The first deal has been done in a ground-breaking summit with the EU.

Prime Minister Sir Keir Starmer is welcoming EU leaders to central London for today's summit (May 19).

A 12-year deal has been secured on fishing access for EU boats into UK waters, as reported by the BBC.

It's not yet clear what other deals might be announced today, but a security pact and youth mobility scheme are among the issues set to be discussed.

• Security pact: In earlier Brexit talks, there were discussions around a Security and Defence Partnership, but it was never settled. A new UK-EU security pact has been in the pipeline for months.

• Veterinary deal: The UK wants to sign a deal to remove some border checks on food and drink. This would mean the UK aligning some of its food and drink rules with the EU.

• Youth mobility: The EU has suggested a scheme for 18 to 30-year-olds, allowing stays of up to four years. The Conservative government turned it down, but Labour has hinted that a "controlled youth mobility scheme" could be beneficial.

The summit has been welcomed by both the CBI and British Chambers of Commerce (BCC).

The CBI is publishing a report, Building Bridges: Enhancing the EU-UK Strategic Partnership, which sets out 12 strategic recommendations for how the EU and the UK can strengthen their partnership to successfully navigate the new geopolitical and economic context. These include enhancing mobility, streamlining regulations, advancing energy and climate goals, and bolstering economic security.

Produced in consultation with over 400 CBI members across the UK, the recommendations align with the government's growth mission and manifesto 'red lines', whilst also closely corresponding to the recommendations published in BusinessEurope's EU-UK Relations Outlook paper in October 2024, to which the CBI contributed.

Rain Newton-Smith, chief executive of the CBI, said: "The geopolitical challenges we must navigate require a bold and collaborative approach for the safety, security and prosperity of our region. With the disruptive headwinds of US tariffs bringing even more uncertainty to firms, the economic relationship between the EU and the UK is now more important than ever.

"Businesses on either side of the Channel urge both parties to use the inaugural EU-UK Summit to fire the starting pistol on an ambitious and bold drive towards an enhanced strategic partnership.

"Firms are clear that this isn't about re-running the arguments from the referendum, with both sides having set out their respective red lines. But to make progress we need to leave the last decade behind to work together on a programme of shared prosperity and economic security.

"The CBI's Building Bridges report sets out how a pragmatic approach to enhancing mobility, streamlining regulations, advancing energy and climate goals, and bolstering our mutual economic security, can unlock the progress necessary to give business confidence a vital shot in the arm."

John Harrison, Chairman of Airbus UK, said: "In a more uncertain world, European and UK cooperation is not a choice, but a necessity for shared security and prosperity. As a company with deep roots in both Europe and the UK, Airbus welcomes CBI's push for closer ties.

"Specifically for aerospace, we welcome defence initiatives which bolster collective global influence and capability. Given the fragility of global supply chains, joint action is essential to secure reliable access to the materials we all benefit from."

The British Chambers of Commerce (BCC) is calling for the summit to mark a sea change in the UK's trade relationship with Europe, so business can prosper.

The BCC wants to see seven vital changes made to the Brexit deal, which are based on its four years of in-depth analysis and research, involving thousands of businesses.

This has found that in many cases the problems created by the deal, the Trade and Cooperation Agreement, have worsened since Brexit rather than improving.

The BCC said changes in the rules and regulations on both sides have created even more paperwork and bureaucracy. These fresh stumbling blocks have forced larger firms to invest in EU satellites to stay competitive. But for smaller businesses, which do not have big reserves of cash, many have had to give up.

Shevaun Haviland, director general of the BCC, said: "Businesses have spent four years trying to make the Brexit trade deal work, but they have been left fighting with one hand tied behind their backs.

"The additional red-tape and costs mean that, for many smaller firms especially, it has been an up-hill battle to stay competitive.

"But this is not just about the hardship that British businesses are facing. We have Chambers in almost every EU state, and the stories they tell us are very similar.

"Tulips from the Netherlands have been left to rot, while stocks of frozen chicken pile up in warehouses waiting for a hard-pressed vet's signature.

"The wider world of trade has also been upended by the introduction of US tariffs and every single country is scrambling to readjust to this new reality.

"If ever there was a moment for the UK and the EU to put aside past differences and work together to boost our economies then this it."