Michel Barnier, chief negotiator of the working group of the European commissions of the United Kingdom.
Thierry Monasse | Getty Images News | Getty Images
LONDON – The UK and the European Union are running out of time to agree terms on a post-Brexit trade deal, warned Michel Barnier, the EU’s chief negotiator.
Both sides have offered conflicting messages in recent days about the likelihood of a trade deal being reached before Britain leaves the EU’s orbit within two weeks.
Addressing the European Parliament in Brussels on Friday, Barnier said the negotiations had reached the “moment of truth”.
“We have little time left, just a few hours, to work through these negotiations in a useful way if we want the agreement to take effect on January 1,” Barner said.
“There is a possibility of reaching an agreement, but the road to that agreement is very narrow.”
An agreement would likely guarantee free trade in goods between the UK and the EU after 31 December, but key controversies over issues such as fishing have continued to plague discussions in recent weeks.
Both British Prime Minister Boris Johnson and European Commission President Ursula von der Leyen opened up tons of confusion after a phone call Thursday night, and Johnson suggested an agreement would be unlikely unless the block would be willing to make concessions on fishing. Meanwhile, von der Leyen acknowledged that an agreement would be “very difficult” at this stage.
This came just a day after von der Leyen announced that a “narrow path” had emerged for the two sides to agree on an agreement before the deadline.
The pound sterling, which had met in recent days with growing optimism that a “no-deal” adverse scenario could be avoided, fell 0.3% against the dollar during morning trading in London on Friday, changing hands above $ 1.3540.