EU and UK to hold annual summits, draft statement shows

BRUSSELS (Reuters) - The European Union and United Kingdom will agree to hold annual summits to take stock of their bilateral relationship, according to a draft statement prepared for an upcoming summit in London seen by Reuters.

The EU and Britain are set to hold a summit in London on May 19, and the draft is the latest iteration of a joint text that leaders are set to agree at the gathering.

"We agreed that a stable foundation for our relationship is vital, and, in this context, we reaffirmed our commitment to the full, timely and faithful implementation of the Withdrawal Agreement, including the Windsor Framework, and the Trade and

Cooperation Agreement," according to the draft, referring to texts related to Brexit.

"We agreed to hold annual UK-EU summits to take stock of the bilateral relationship," said the text, dated May 6 and shared with EU delegations.

The draft outlines the two sides' view on global priorities, including continued support for Ukraine and an agreement to remain ready to exert pressure on Russia.

The EU and UK also said they recognised the shared challenge of irregular migration and that there is a need to address it with third countries.

"We also recognised the need to do more to secure our respective external borders, while remaining committed to ensuring international protection for those who need it," the draft said.

The draft noted that "we recognised the importance of transatlantic cooperation in addressing global challenges, fostering economic growth, and ensuring peace and security."

(Reporting by Lili Bayer, editing by GV De Clercq)