The new UK-EU agreement has been welcomed by Hampshire Chamber of Commerce.

The agreement, announced on Monday, May 19, aims to reduce trade barriers and bureaucracy for food exporters and importers.

Ross McNally, Hampshire Chamber chief executive and executive chairman, said: "Barriers to trade do no-one any good. While full details are awaited, food exporters and importers among our membership will welcome the reduction in bureaucracy involved in moving shipments across borders.

Ross McNally, chief executive and executive chairman of Hampshire Chamber of Commerce. (Image: Submitted) "The amount of regulatory checks and paperwork involved up to now has simply created extra costs and time-consuming headaches for too many farmers, producers and supply chain businesses."

The agreement is expected to ease the red tape burden introduced after Brexit, potentially improving business investment on both sides of the Channel.

Mr McNally also highlighted the potential benefits of a formal defence and security pact, which will see increased co-ordination between the UK and EU.

He said: "The establishment of a formal defence and security pact, with greater co-ordination between the UK and EU, will create opportunities for our many defence businesses here in Hampshire.

"Hopefully, this will mean easier, quicker access to European markets.

"Ultimately, the outcome we want to see from this agreement is economic growth so that our members can benefit and create jobs and prosperity. Time will be needed to gauge the full extent of a net benefit.”