There is still much work needed to strike a trade deal between Britain and the European Union and the window of opportunity is closing for London before its Brexit transition period ends, European Commission Vice President Maros Sefcovic said on Friday.

Britain left the EU in January. Their relationship is now governed by a transition arrangement that keeps previous rules in place while they negotiate new terms.

Sefcovic said British Cabinet Office Minister Michael Gove told him that London had no intention of extending the transition period beyond the end of this year, a prospect some fear may lead to a no-deal hard exit that could compound the economic damage caused by the coronavirus pandemic.

London and Brussels remain far apart on the issues of fair competition guarantees and the governance of their new relationship, as well as fishing rights. In talks last week, negotiators made very little progress towards a free trade pact, but they did agree to intensify negotiations.

Sefcovic said he was hopeful that Monday’s meeting between European Commission President Ursula von der Leyen and Johnson along with the European Parliament and European Council presidents would lead to “fresh momentum on the UK side.”

(Source: Reuters)