UK finance minister Rachel Reeves has said that closer integration with the European Union is the "biggest prize" for Britain's economy.
The UK has sought to bolster trade ties across the world since departing the European Union at the start of the decade.
Under Prime Minister Keir Starmer, the Labour government has recently struck long-sought trade deals, including with the US and India, in the hopes of boosting investment and growth.
But Reeves said that "none of them are going to be as big as what we can get through better trade relations with Europe."
"The biggest prize is clearly with the EU," she said during a talk at the London School of Economics, noting that almost half of the UK's trade is with the European Union.
Britain and the EU reached a landmark deal last year, setting out closer ties on defence and trade with the 27 nation bloc.
Starmer came to power in July 2024, vowing to reset ties with Europe following the rancour surrounding Britain's exit from the EU in January 2020.
He has pledged, however, not to return to the single market, customs union or free movement.
Starmer said in February that Britain should "do more together" with the EU on defence, including through a bloc-wide initiative to bolster arms stocks that London has not yet joined.
"I strongly believe that Britain's future is inextricably bound with that of Europe's-- for economic reasons, but also reasons of security, resilience and defence," Reeves said.
"We want to make Europe as strong as possible and that means not putting up the drawbridge," she added.
