A student walks through the campus of Glasgow University complex in Scotland, on September 24, 2020. ANDY BUCHANAN / AFP

Britain is set to rejoin the European Union's popular Erasmus student exchange program, almost five years after leaving the program following Brexit, a joint UK-EU statement said on Wednesday, December 17. The program, which will have to be approved by all EU member countries, will be open to university students, but will also be broadened to include others in further education and on apprenticeships.

"The UK has successfully agreed terms to join the Erasmus+ program in 2027, widening opportunities for young people from all backgrounds, learners, educational, youth and sport staff to study and train abroad," a UK government statement added. The UK government said more than 100,000 people in the country could benefit from the program in the first year alone.

Following negotiations, the UK's contribution to the costs of the program in 2027 would be around £570 million, the statement said.

EU-UK relations 'reset'