Over the past two days, the UK authorities have made serious concessions in negotiations on a trade deal with the EU. This was reported on Wednesday by Reuters, citing a source in the French government.

“The British have made huge concessions in negotiations over the past 48 hours,” the source said. According to him, concessions were made, including on the issue of fishing.

Earlier, Sky News reported that the UK and EU authorities had reached an agreement in principle to conclude an agreement on future relations and free trade.

The UK left the EU on the night of February 1, 2020, after three years of consultation over the terms of the exit. Brussels and London have agreed on a transitional period until the end of this year, during which all European regulations apply to the United Kingdom, including those related to single market trading. Before the end of the transitional period, which the British government refused to extend, the parties must agree on the format of future relations and conclude a free trade agreement.

At the end of 2019, the volume of trade between the UK and the EU amounted to approximately $900 billion. If an agreement, which will stipulate new rules, fails to be concluded, the parties will begin to conduct business according to the rules of the World Trade Organization with the application of all duties and quotas.