The EU officials do not expect Brexit to complete by the end of 2020 | Finance and Markets

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Senior EU officials do not expect Brexit to complete by the end of 2020, as the transitional plans for Brexit provide, and the bloc is preparing for much longer period. The British government may think similarly. Several Brussels diplomats and officials, familiar with the discussions, argue that a number of outstanding issues, including the Irish border, and the British trade agreement, cause experts to expect that the transition will be longer.
Two senior EU officials said British negotiators are obviously showing the attitudes of other governments to expanding the current 21-month transition, although others believe British Prime Minister Teresa May is still striving for a free trade agreement in January 2021.
Theresa May publicly denied the urge for extra time. The EU says it is ready to be “flexible” even though France and other EU governments are aware that they are opposed to half Brexit, fearing that the deal will become permanent and the transition will be longer.
And while formal transitional talks began in Brussels this week, the EU diplomats say that any extensions will only be negotiated after the official departure from the UK in March 2019, so London will remain under pressure to enter into a trade deal by 2021.
According to the experts, no one believes in a transition by the end of 2020.
Michel Barnier, the EU’s chief negotiator, who will announce the results of this week’s talks to the media on Friday, believes that Britain may negotiate a free trade deal within three years. European and British officials note that although the drafting of the EU agreement with South Korea lasted seven years, UK regulations are in line with those of the EU, while reducing the need for change.