Four years after Brexit, the U.K. and EU announced a “reset” that will ease barriers to importing and exporting food, drink, and agricultural produce. It may also harmonize rules around carbon emissions trading systems, simplifying compliance for multinational organizations that are large emitters, and enable more young people to gain work visas.

Ruth Prickett graduated from Cambridge University with a BA hons in History and has specialized in business and finance journalism for the past 20 years. She was editor of Financial Management, the magazine...