The European Union has finalized its migration pact after years of negotiations.

The agreement includes a variety of rules and laws regarding migration into the EU, including a regulated reception at the EU's external borders and a mandatory crisis mechanism for unexpected events.

The pact also allows countries to opt out of receiving refugees by making financial contributions to Frontex or other border operations.

The deal was hailed as a historic achievement by EU Parliament Speaker Roberta Metsola, while Swedish negotiator Tomas Tobé expressed pride in Europe.

The pact is expected to be formally approved by both the EU Parliament and the EU Council in early 2024.