EU Chief Brexit negotiator Michel Barnier on Friday warned that there are only a few hours left for the bloc and the UK to strike an agreement, adding that the possibility of a Brexit deal "is here".
"It's the moment of truth. We have very little time remaining, just a few hours to work through these negotiations in a useful fashion if we want this agreement to enter into force on the first of January", he told the European Parliament. "There is a chance of getting an agreement but the path to such an agreement is very narrow".
He called it "a moment of truth", saying that Brussels is asking to preserve the EU's values and the single market.
At the same time, he stressed it would not be fair if European fishermen have no transitory rights in British waters, noting that the EU must have a sovereign right to respond if London tries to stop them from accessing those waters.
UK Prime Minister Boris Johnson and European Commission President Ursula von der Leyen agreed to extend negotiations on a trade deal last weekend, however, the sides remain in disagreement on such issues as governance, fishing rights, and the set of rules for business to "level the playing field".
The British PM addressed the situation, saying that a "no-deal Brexit" after the expiration of the transition period is the most likely scenario, and the UK must "get ready" for it with "confidence".