Brexit Trade Deal Could Be Imminent

A Brexit trade deal could be imminent, with just eight days left until the end of the transition period, Reuters reported citing a senior European diplomat on Wednesday.

However, according to another European diplomat, a no-deal Brexit remains a possibility.

The European Union (EU) is reportedly making a final push, in trade talks with the United Kingdom (UK), for an agreement for the post-Brexit stage.

Fishing rights remain the issue where the biggest disagreement lies, Reuters has reported citing the EU’s chief negotiator.

“We are really in a crucial moment. We are giving it a final push,” said Michel Barnier.

The UK has no intention to extend the Brexit transitional period, which ends on December 31 in order to allow more time for negotiations with the EU, as expressed by a spokesperson for the British Prime Minister Boris Johnson.

The First Minister of Scotland, Nicola Sturgeon, has urged Johnson to extend the deadline due to the complications of the emergence of a new variant of the novel Coronavirus in the UK, CNBC reported.

It is worth noting that the emergence of the new variant has led to the cancelation of governmental plans to ease lockdown measures during the Christmas holiday.

Last week, a spokesman for Johnson said that it is now very likely that a no deal Brexit will be completed by the end of the year.

Talks are in a serious situation and there is no room for an agreement unless the EU changes its position, according to the United Kingdom’s PM office.

The President of the European Commission, Ursula von der Leyen, said that it is very challenging to overcome the big differences between the two sides, as cited by Reuters.

Barnier said last week that a deal is still possible, noting that the upcoming days are critical.

Reuters quoted another EU diplomat as saying that “there might now be a narrow path to an agreement visible – if negotiators can clear the remaining hurdles in the next few days.”

The UK and the EU have reportedly exchanged warnings that time is passing by without reaching a deal for the post-Brexit era, as the transitional period expires by the end of the year.

The UK is ready to reach a trade agreement with the EU but not at any cost, the British finance minister Rishi Sunak previously said.

Sunak, who recently played down the effect of a no trade deal Brexit in an interview with the Financial Times, told reporters “with a constructive attitude and goodwill on all sides we can get there.”

Last month, Johnson said that the time has come to be ready for not reaching a trade deal with the EU.