From Resolution A055 from the 2006 General Convention:
The Episcopal Church and The United Methodist Church recognize one another as a member of the one, holy, Catholic and apostolic Church in which the Gospel is rightly preached and taught, and encourage the development of common Christian life throughout our respective Churches. Both churches agree that the basic teaching of each respective Church is consonant with the Gospel and is sufficiently compatible that a relationship of Interim Sharing of the Eucharist was established in 2006 under guidelines issued by the General Convention. The dialogue has been commissioned to continue United Methodist-Episcopal Dialogues for the discussion of any other outstanding questions that must be resolved before full communion can be established between the respective Churches. Resolution A041 from the 2018 General Convention received the “A Gift for the World,” the proposal for full communion, for consideration, discussion, and study, and authorized the continued work of The Episcopal Church-United Methodist Church dialogue.