Illustrated photo (Source: tapchitaichinh.vn)

Discussions over the weekend were quite difficult and neither side would give in on fishing, dispute settlement, or fair economic competition, according to an EU source.

Both the UK and the EU are preparing for a scenario of not reaching an agreement before December 31, the end of the transition period, when the UK will be officially separate from the EU. A senior EU diplomat said the bloc will likely deploy extraordinary measures on Wednesday or Thursday if a trade agreement with Britain isn't reached. 

With the deadline just a month away, the British Government is urging businesses to be ready for a no-deal scenario. It has set up a Border Operations Center, which will use software to collect information about the flow of goods and passengers and allow local government and police to make quick decisions to reduce disruptions.