Post-Brexit trade deal talks will continue, U.K., European Union officials say

Throwing overboard Sunday’s self-imposed deadline, the European Union and Britain said they will “go the extra mile” to clinch a post-Brexit trade agreement that would avert New Year’s chaos and cost for cross-border commerce.

British Prime Minister Boris Johnson and European Commission President Ursula von der Leyen had set Sunday as the deadline for a breakthrough or breakdown in negotiations. But they stepped back from the brink because there was too much at stake not to make an ultimate push.

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“Despite the exhaustion after almost a year of negotiations and despite the fact that deadlines have been missed over and over, we both think it is responsible at this point in time to go the extra mile,” von der Leyen said.

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    </div>  The negotiators were continuing to talk in Brussels at EU headquarters.

European Council President Charles Michel immediately welcomed the development and said “we should do everything to make a deal possible,” but warned there could be a deal “at any price, no. What we want is a good deal, a deal that respects these principles of economic fair play and, also, these principles of governance.”

With less than three weeks until the U.K.’s final split from the EU, key aspects of the future relationship between the 27-nation bloc and its former member remain unresolved.

Progress came after months of tense and often testy negotiations that gradually whittled differences down to three key issues: fair-competition rules, mechanisms for resolving future disputes and fishing rights.

Brexit: ‘We don’t want the no-deal outcome, but we have to prepare for it,’ says Irish Taoiseach

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It has been four and a half years since Britons voted by 52%-48% to leave the EU and _ in the words of the Brexiteers’ slogan _ “take back control” of the U.K.’s borders and laws.

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    </div>  It took more than three years of wrangling before Britain left the bloc’s political structures on Jan. 31. Disentangling economies that have become closely entwined as part of the EU’s single market for goods and services took even longer.

The U.K. has remained part of the single market and customs union during an 11-month post-Brexit transition period. That means so far, many people will have noticed little impact from Brexit.

On Jan. 1, it will feel real. New Year’s Day will bring huge changes, even with a deal. No longer will goods and people be able to move between the U.K. and its continental neighbours.