The United Kingdom and the European Union are expected to seal new deals on fishing rights and defense as officials meet in London to discuss closer ties.

The U.K. and European Union finally agreed to reset relations Monday, sources told CNBC, after Britain's acrimonious exit from the EU in 2020. One EU official told Silvia Amaro that reciprocal access to fishing waters had been agreed upon until June 30,

British Prime Minister Keir Starmer will host EU leaders in London in the most significant effort to reset ties since the UK left the European Union in 2020.