Britain and the European Union are expected to fail to reach a post-Brexit trade agreement agreement before the deadline in mid-November as key issues have yet to be reached by the end of this week. This statement was acknowledged by both parties based on the report released on Wednesday.
Britain has left the EU bloc since last January and the status quo transition period will end soon at the end of this year. However, there is no agreement on trade rules starting in 2021.
According to a senior EU diplomat, ambassadors from the 27 EU member states in Brussels will not comment further on their meeting on Wednesday and the protracted issue will be brought to the next meeting on November 18.
The pound depreciated against the US dollar by 0.26% to the 1.3235 exchange rate after reports that UK and EU talks would drag on after mid-November.
However, there is a positive side where the EU is still determined to reach negotiations. Sources from the EU say that they expect the negotiators to present the agreed text by the middle of next week
