Europe

Rivals Paris and London announce joint business plan

Paris and London, traditional rivals when it comes to attracting tourists and industry, have signed a business agreement to cooperate in attracting visitors and companies.

The two cities, which are linked by rail, have seen their rivalry intensify recently as Paris hopes to welcome finance jobs that are expected to leave London because of Brexit.

On Tuesday, London Mayor Sadiq Khan and Paris' Anne Hidalgo announced the Paris-London Business Welcome Program initiative. Hidalgo called it a "very positive dynamic that Brexit will not change."

It will launch in 2018 to encourage trade and investment between the two cities, as well as focusing on promoting culture and heritage.

The U.K. says that visitors to London and Paris spend in excess of 34 billion euros ($36.9 billion) a year.