Brexit trade deal uncertain as UK enters crunch phase

EU officials are uncertain as to whether a trade deal between the UK and EU will be reached before the extension deadline ends on December 31, preceding the UK's withdrawal from the EU on January 1.

Talks between the two parties appeared to have stalled on Monday morning as the UK made one last effort to solidify a trade deal in the face of a no-deal Brexit in 24 days.

The possibility remains that both sides will impose tariffs on each other if a deal is not met, which could significantly affect their economies if left unchecked.

Irish Prime Minister Michael Martin said there is a 50-50 chance on the UK attaining a deal before the deadline ends while analysts place the odds closer to 20%.

Many businesses and companies have already started stockpiling goods, fearing the worst, in the event no trade deal is secured. 

Read more: Brexit Trade Concerns Arise Over Livestock Antibiotic Use, Report Finds

Medicine supply has been a contentious topic since the UK's referendum on the matter back in 2016, with many companies and officials worried the UK will not be able to keep an active supply of medicines without securing a proper trade deal with the EU.

The ongoing coronavirus pandemic only appears to have worsened these fears.

Another primary concern was for food standards in the face of a no-deal Brexit after a damning report found that imported food from the US was contaminated with bacteria.

Soon after, MPs rejected a bill to impose universal standards on food imported into the UK, later setting up a regulatory board to monitor imported food products.

Officials stated three primary concerns still remain on the board for a deal agreement: fisheries, state aid and future dispute resolution.

The Commons voted on an internal market bill and a financial bill that could also hurt talks with the EU.

The two sides have been exchanging dialogue for weeks without reaching an accord.

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