The European Commission on Wednesday proposed a 2 trillion euro ($2.31 trillion) EU budget for 2028 to 2034, with a new emphasis on economic competitiveness and defence and plans to overhaul traditional spending on farming and regional development.

The European Union's financial capabilities depend on this bill, which was presented to members of the European Parliament on Wednesday. It sets the amount of available resources for seven years, distributes them among the 27 member states and allocates funds to the various EU-wide policies.

Foreign ministers from the EU's 27-member nations are meeting in Brussels in the wake of a new aid deal for Gaza, largely forged by the bloc's foreign policy chief Kaja Kallas and Israeli Foreign Minister Gideon Saar.

Europe’s top diplomats are assessing a new deal with Israel to deliver humanitarian aid to Gaza, according to Kaja Kallas, the European Union’s foreign policy chief. Foreign ministers from the EU’s 27-member nations were set to meet on Tuesday in Brussels in the wake of a new aid deal for Gaza largely forged by Kallas and Israeli foreign minister Gideon Saar,

Ministers will also discuss Iran's nuclear program, tensions in Georgia and Moldova and new sanctions on Russia as the EU prepares its 18th sanctions package.