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The UK left the EU on January 31st this year and is currently in a transition phase, during which negotiators from both sides are attempting to hammer out a trade deal.

However, disruption caused by the novel coronavirus (Covid-19) pandemic has slowed progress, and the latest round of talks seems to have left negotiators with more questions rather than answers.

Speaking after the talks, Barnier said with the transition period set to conclude on December 31st this year, and the fact the two sides remain some distance apart, it is not likely an agreement will be reached ahead of this date.

“It felt as if we were going backwards more than forwards,” Barnier said after the talks, adding: “Given the short time left, what I said in London in July remains true; at this stage, an agreement between the UK and the European Union seems unlikely.

“I simply do not understand why we are wasting valuable time.”

Among the key sticking points during the talks were governance and the issue of dispute settlement, as well as law enforcement and protecting citizens' rights and personal data, as well as mobility and social security coordination.

I simply do not understand why we are wasting valuable time”

Barnier also had further words of warning for the UK that could causes further concerns of the industry, saying that the UK could face similar difficulties in reaching future agreements with other key nations such as Japan and the US.

“We hear the British government’s concerns about maintaining its sovereignty and its regulatory autonomy, and we respect that,” Barnier said, adding: “But no international agreement was ever reached without the parties agreeing to common rules.

“And I can predict with absolute certainty: this will also be the case of trade agreements between the UK and other partners in the future, such as the US, Japan or Australia.”

Barnier added: “To conclude with a well-known phrase: The clock is ticking.”

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Brexit deal remains unlikely, says EU negotiator

Industry concerns over Brexit are set to remain after the European Union’s chief negotiator Michel Barnier said it is unlikely a trade agreement will be reached by the end of the year.