EU Commission Vice-President Maros Sefcovic addresses European MPs ahead of the presentation by European Council President of the conclusions of foreign policy summit during a plenary session of the European Parliament in Brussels on Oct 6, 2020. (OLIVIER HOSLET / POOL / AFP)

BRUSSELS - The European Union wants a trade deal with Britain, but, as time is running out to reach one, the bloc cannot exclude that it will be impossible to reach agreement before the end of the year, European Commission Vice-President Maros Sefcovic said.

Speaking to the European Parliament, Sefcovic said the EU’s chief negotiator Michel Barnier and his team had the EU’s full support.

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“In case we reach an agreement, which is our objective, both parties will have to ensure ratification in time for an entry in to force by Jan 1, 2021. This will need some time,” he said.

“If this is not the case, we will be in the no-deal territory. Given that we are less than 100 days away from this day we cannot exclude this scenario,” he said.

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