"We are disappointed that the agreement fails to deliver the level of investment in jobs and growth needed in Wales. We are especially concerned that the most vulnerable part of Wales - West Wales and the Valleys - appears to be losing out to wealthier regions in the UK. This cannot be seen as a fair reflection of priorities for Wales.
"The EU budget deal will mean significant cuts to programmes, including Structural Funds. We need to study the agreement in greater detail but provisional calculations show Wales losing out up to £400m. This will be felt most in West Wales and the Valleys. The impact on East Wales remains even more uncertain, as its funding allocation will need to be negotiated with the UK Government, but we fear that this region too will see a substantial reduction in its funding.
"Despite all of our efforts to promote a fair deal to protect Wales' interests, the agreement reached by the European Council is deeply unfair to the poorest parts of the EU. Significant cuts to the budgets of more vulnerable regions have been agreed to deliver increases in funding for wealthier regions, contrary to the objective set out in the Lisbon Treaty. Some regions, like those in Spain and Italy, have secured special payments to compensate for such cuts, but the UK Government failed to negotiate similar protection on our behalf.
"The allocation of CAP funds to the UK and to Wales has not yet been released, but it seems this too will be reduced. We are disappointed with this position but we will push hard within the UK to agree the best deal for Wales.
"The Prime Minister says this is a 'good deal for Britain'. He will need to explain how it's a good deal for Wales. The Welsh Government has always recognised the need for discipline in the overall EU budget but it cannot be right for EU money allocated to the UK to be siphoned away from poorer regions, like west Wales and the Valleys - to richer regions elsewhere.
"We must now look to the UK Government to make a fair allocation to Wales of its much reduced Structural Funds budget, so that we can continue our work in transforming the economy of our country."