Barnier: Only A Few Hours Left for Brexit Deal

The time to reach a trade agreement between the United Kingdom and the European Union is running out.

European Chief Negotiator Michel Barnier has told the European Parliament that “the moment of truth” has arrived, but that there are still significant obstacles.

“We only have hours to negotiate if we want a treaty to go into effect on January 1,” Barnier referred to the time it takes to get a treaty translated and adopted. Despite this, the Frenchman still sees opportunities. “It’s a narrow path to a deal, but it is still possible.”

Barnier pointed out that differences in, for example, access to UK fishing grounds for EU fishermen are fundamental. “I don’t think it’s fair or acceptable for European fishermen not to be allowed to fish in those waters.” Barnier pointed out that other sectors will keep their rights.

According to Barnier, it is unclear what will happen in the last days of negotiations. “We have to be prepared for anything.”

The British left the EU at the end of January, but a transition period will apply until the end of this year. If there is no trade agreement before then, the EU and the United Kingdom will proceed according to the rules of the world trade organization WTO. This means that, among other things, there will be import duties on both sides.

British Prime Minister Boris Johnson previously stated that such a “no-deal” was the most likely outcome. Later on Friday, he will call President Ursula von der Leyen of the European Commission about the progress.