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The United Kingdom (UK) is ready to reach a trade agreement with the European Union (EU) but not at any cost, the British finance minister said on Thursday.
The transition period, during which the two parties are supposed to reach a trade deal for the post-Brexit era, expires in about five weeks by the end of the year.
However, a frame for an agreement is reportedly in place, according to Rishi Sunak.
Sunak, who recently played down the effect of a no trade deal Brexit in an interview with the Financial Times, told reporters earlier today that “with a constructive attitude and goodwill on all sides we can get there.”
“It’s clear what the shape of the deal looks like,” he further noted.
“We absolutely should not be stretching for a deal at any cost, that is not the right thing to do.”
Meanwhile, the head of the European Commission, Ursula von der Leyen, said that the EU is ready for the possibility of a no deal Brexit despite genuine progress in negotiations.
The Prime Minister of Ireland, Micheal Martin, said on Monday that he is hoping the outline of a Brexit free-trade deal will come up by the end of the week, despite the continuous difference in opinions between the United Kingdom (UK) and the European Union (EU), Reuters reported.
Last month, Prime Minister Boris Johnson said that the time has come to be ready for a not reaching a trade deal with the EU.
This was about 10 weeks before the end of the transition period, which was agreed with the Brexit and expires by the end of the year.
According to Johnson, the European Union refused to negotiate seriously.
On the other hand, the Chairman of the EU summit, Charles Michel said that he is still working for a deal with London, but will not compromise on the main issues.
Similarly, European Commission President Ursula von der Leyen said that there is still time to reach a deal between the two sides.
Earlier this month, Sunak said that significant progress has been achieved in trade talks.
