The European Union has agreed to a fishing deal with the UK that could be worth 333 million pounds ($472 million, €388 million) to Britain over the next two years.

The European Council approved the UK′s fishing opportunities and deep-sea stocks for 2020 and 2021 on Friday as part of the EU-UK Trade and Cooperation Agreement.

The post-Brexit fishing deal aims to provide security to the fishing industry on both sides of the English Channel.

It will now be turned into EU legislation and opens the door to future negotiations on fishing rights.

What are the details of the deal?

The agreement gives fishing fleets the guarantees they need to be able to move freely in EU and UK territorial waters until the end of 2021.

It sets the total catch allowed for 75 shared fish stocks and deep-sea stocks for 2021 and 2022.

The fishing agreement was one of the main sticking points in Brexit talks that were finally completed on Christmas Eve 2020.

The European Union takes €650 million a year from fish caught in UK waters.

How has the EU reacted?

EU Commissioner for Environment, Oceans and Fisheries Virginijus Sinkevicius said this agreement provided "continuity for our fleets″ with ″definitive trade and cooperation agreements" for the rest of the year.

"This is good for fishermen and women, our coastal communities and our ports, as well as for the sustainable use of our marine resources," Sinkevicius said in a statement.

"This also proves that two partners on both sides of the Channel can find agreements and move forward if they work together."

jc/rt (Reuters, AFP)

Correction: A previous version of the story referred to the Council of Europe, instead of the European Council.