BRUSSELS

The EU and the UK agreed on Wednesday that London will rejoin the bloc's Erasmus+ education and youth exchange program from 2027, marking a key step in the ongoing reset of post-Brexit relations.

The decision follows the first-ever UK-EU summit held in May, where both sides agreed to strengthen cooperation through a new strategic partnership focused on security, people-to-people ties, and economic growth.

In a joint statement on Wednesday, EU Commissioner for Trade and Economic Security Maros Sefcovic and UK Paymaster General and Cabinet Office Minister Nick Thomas-Symonds said negotiations on the UK's association with Erasmus+ had been concluded.

They noted that the agreed financial terms strike a "fair balance" between the UK's contribution and the benefits offered by the program.

Media reports on Tuesday said an international fee waiver is expected for EU students studying at UK universities under the Erasmus scheme, allowing them to pay domestic-level tuition fees capped at £9,535 ($12,806) per year.

UK students, meanwhile, would continue paying their standard domestic fees at their home university during their year studying in Europe as part of their UK degree courses.

Erasmus+ provides opportunities in education, training, youth, sports, and culture, and is expected to benefit more than 100,000 people in the UK in its first year alone.

According to the UK government, participation in Erasmus+ will improve access to work placements in European companies and help boost career prospects, particularly for young people from disadvantaged backgrounds.

The Erasmus student exchange scheme was scrapped in Britain in December 2020, when the government announced its post-Brexit trade deal with the EU.

In the 2016 Brexit referendum, the majority of Britons voted in favor of the withdrawal of the country from the EU. After the Brexit agreement was signed by representatives from Britain and the EU on Jan. 24, 2020, the UK officially withdrew from the bloc on Jan. 31 of that year.

Beyond Erasmus+, the UK and the European Commission also agreed to move forward on negotiations for the UK's participation in the EU's internal electricity market, aiming to improve energy security, encourage investment, and reduce costs for consumers.

Both sides said they would proceed swiftly, in line with their respective legal frameworks, and reaffirmed their commitment to fully implementing existing agreements, including the Trade and Cooperation Agreement and the Withdrawal Agreement.