Time is running out, Britain and the European Union resumed negotiations on Thursday as a last resort to sign a deal that would save millions of dollars in post-Brexit trade between neighboring countries.
After Prime Minister Boris Johnson began to despair from last week's phase talks, the two sides finally agreed and reached an agreement on Wednesday to resume talks 10 weeks before the status quo transition ends.
The two sides have agreed to hold daily talks including weekdays until October 25 and will set an agenda to intensify discussions for the coming weeks.
According to spokesman Boris Johnson, the remaining time is very short and the UK has repeatedly clarified that every agreement needs to be made before the deadline of the transition period. If an agreement is not reached, then the UK will leave the EU on Australian terms and conditions.
Discussions have been at a standstill since the summer, with no one compromising on the issue of fair competition guarantees, especially state aid regulations, and fisheries. Recent developments indicate that the issue of fisheries is still a hotly debated issue between the UK and the EU. Both are still fighting for their respective positions on fisheries issues.
The UK and the EU on the other hand are preparing for a 'no deal' situation.
