I thank the Cathaoirleach. First and foremost, I thank the members of the committee for the opportunity to exchange views on such important matters as the implementation of the EU-UK Withdrawal Agreement, the Trade and Cooperation Agreement and of course on the protocol on Ireland and Northern Ireland. It is very important to underline that the EU's overarching objective is to establish a positive and stable relationship with the United Kingdom. We remain partners with shared values and will have to take a number of global challenges side by side. However, I worry about the rhetoric and action of the UK in regard to the implementation of the agreements, and in particular the protocol on Ireland and Northern Ireland.
I would like to reassure the honourable members of the committee that the EU is fully committed to protecting the Good Friday-Belfast Agreement in all its parts. That is why the EU continues to work relentlessly to find workable solutions to the problems created by the UK's decision to leave the EU. The protocol on Ireland and Northern Ireland seeks to avoid a hard border on the island of Ireland, thereby enabling smooth functioning of the all-Ireland economy, protecting Ireland's place in the EU's Single Market and safeguarding the Good Friday-Belfast Agreement in all its dimensions. We are working very hard to protect all these aspects.
The UK put forward its common paper in July calling for the full renegotiation of the protocol on Ireland and Northern Ireland. We will not renegotiate the protocol and we made it clear that the European Parliament and our member states will continue to support it. It represents the compromise the EU and the UK found after long and difficult negotiations on an orderly withdrawal from the Union, and we believe the solutions can be found within its framework. In turn, we engage constructively on legitimate issues of concern to people and businesses in Northern Ireland and we will continue to do so. In this context, the Commission put forward a package of bespoke of solutions on 13 October, addressing the main issues raised by people and businesses in Northern Ireland, namely a long-term solution for the supply of medicines to Northern Ireland. The proposal is to strengthen the role of Northern Ireland's stakeholders and authorities in the dealings of the protocol. We also proposed a long and comprehensive solution in the sanitary and phytosanitary, SPS, area, resulting in the removal of more than 80% of the identity and physical checks previously needed. In the same way, I point to our proposals for further facilitation and simplification for east-west trade in the customs field, where we proposed a 50% permanent reduction in all paperwork.
Since the publication of those measures, the Commission has engaged in intensified discussions with the UK to identify common ground for a way forward. Last Friday, I held my fourth weekly meeting with David Frost on the EU package of solutions. I acknowledged and welcomed the change of tone of this discussion compared to previous ones. I hope that this will lead to tangible results for the people of Northern Ireland.
After weeks of intense discussions, we need the UK to reciprocate the big move the EU has made. The EU has taken big steps to find and provide solutions to concrete problems faced by Northern Irish people and businesses on the ground as a consequence of Brexit, which was chosen by the UK. We have put particular emphasis on the issue of continued supply of medicine to Northern Ireland. I would like to say in front of you that I stand by my commitment made during my visit to Belfast in September that I will do whatever it takes to address this issue in line with what industry tells us. We are ready to amend our own rules to solve this problem. Of course, I would prefer to have a joint solution with the UK on this issue, but we need to move quickly. We would be glad if the UK changed course and began to engage. We are always willing to find solutions.
We will not speculate at this time whether the UK will trigger Article 16 or not. However, it is clear that if it were to do so, the EU would have to consider all tools at our disposal. Technical discussions will also continue this week with particular emphasis on medicines and customs.
Our teams are meeting this week and David Frost and I will meet again on Friday in Brussels.
The Trade and Cooperation Agreement, TCA, will have been operating for a full year at the end of December. I am glad to say by that time all of its joint bodies will have had their first meetings, including the partnership council and all sectoral committees, of which there are 19. While we are closely following the implementation of the entire agreement, these past few months have been especially busy in regard to fisheries, as we work to ensure that the UK delivers the necessary licences to our fishermen. We continue to negotiate with the UK on fishing opportunities for 2022 and hope to conclude in time and in a satisfactory manner.
We remain vigilant across all level playing fields areas, from subsidies to labour and regulatory matters. The EU also remains committed to supporting the member states and sectors most affected by Brexit through the Brexit Adjustment Reserve, which amounts to more than €5 billion. We expect money to begin being disbursed before the end of the year. It will soon flow to the regions and sectors where it is most needed, helping the businesses, workers and local communities most affected by Brexit. Ireland is the member state most affected by Brexit. It is, therefore, only right that it receives the highest allocation of any member state from the Brexit Adjustment Reserve. This amounts to more than €1.165 billion at current prices. This is yet another example of the EU's unwavering commitment to, and solidarity with, Ireland.
To conclude, the talks on the Ireland and Northern Ireland protocol are ongoing. Judging from my experience, and looking across the board at all of these negotiations, I am convinced that we must remain firm in our relations with the UK as we have been in recent months and years. We also have to remain calm. Above all, we must stand united vis-à-vis the UK. The EU will be unwavering in our solidarity with Ireland to ensure a positive outcome for citizens on the island of Ireland. We hope that the UK will choose the path of engaging to find solutions and not that of confrontation. I am convinced this is in everybody's best interest.
I conclude my introductory remarks and I look forward to a fruitful exchange of views with the committee.