EU envoys hope for a Brexit trade deal in days, London sees progress

Britain leaves the EU’s orbit on Dec. 31, when a transition period of informal membership ends following its official departure last January

European Union diplomats said on Thursday they hoped a Brexit trade deal with Britain could be agreed by Friday or at the weekend, and EU officials said negotiators were likely to review progress in the next two days.

A British minister said he believed “good progress” was being made at talks but cautioned that London would not sign up to a deal that was not in its interest.

Britain leaves the EU’s orbit on Dec. 31, when a transition period of informal membership ends following its official departure last January, and the sides are trying to secure a deal to govern nearly $1 trillion in annual trade.

The suggestion by several officials in the EU that the negotiators will soon review overall progress is widely seen as a positive sign after weeks of impasse over three main issues -- fisheries, economic fair play and settling disputes.

Three EU diplomats said they hoped the negotiators - the EU’s Michel Barnier and Britain’s David Frost - could seal a deal as soon as on Friday or at the weekend, signalling the next 24-48 hours will be crucial.

The negotiators are seeking a deal to uphold free trade between Britain and the 27-nation EU from the start of 2021, but there have been several false dawns in recent months when talk of progress failed to lead to a deal.

Failure to secure a deal would clog borders, worry financial markets and disrupt supply chains as the world tries to cope with the vast economic cost of the COVID-19 pandemic.