FX.co ★ Brexit negotiations to extend one more month

On Saturday, UK Prime Minister Boris Johnson and European Commission President Ursula von der Leyen decided to extend Brexit negotiations for one more month, stressing that reaching a joint agreement between the UK and the EU is important.

Johnson said that he wants to conclude an agreement similar to the one between the EU and Canada. However, he added that the UK is also ready for a Brexit without a deal if it is not possible to agree.

"We are open to work in any direction, but it depends to a large extent on our friends and partners," Johnson said.

The statement came after Ursula von der Leyen called for the intensity of the negotiations, as both sides set a deadline for resolving differences.

When asked about possible compromises that could be reached, Johnson said: "The trade balance is overwhelmingly on the side of the EU in the sense that they export much more to us than we do to them, especially in the production of goods, and therefore we think that both sides have great opportunities to succeed. "

He pointed out that Canada is "somewhere far away", but managed to conclude an agreement with the EU. Meanwhile, the UK is very close geographically and remains the largest trading partner of the European bloc.

Cabinet Secretary Michael Gove also remarked that negotiations with the EU were difficult, but with "good will", a treaty can be concluded.

About the trade deal, the EU wants to gain access to UK fishing grounds, saying that this clause is critical to reaching a "fair deal". However, the UK insists that access to its country's fishing grounds should primarily be for British boats.

The UK formally withdrew from the EU in January, entering a transition period to comply with the EU's trade rules. It remained within a customs union and a single market to allow both sides to negotiate a trade agreement.

Official negotiations began in March and continued throughout the pandemic. However, the question of whether the full treaty would be implemented before December 31 remained open.

Major reconciliation efforts will begin on Monday. If an agreement is still not reached, the UK will trade with the EU according to the rules of the World Trade Organization.