Post-Brexit trade talks expected to drag on despite Boris Johnson's deadline

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Post-Brexit trade talks expected to drag on despite Boris Johnson's deadline
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U.K. Prime Minister Boris Johnson to decide whether trade talks with the EU should continue beyond his October 15 deadline.

The 27 heads of state for the EU are gathering in Brussels on Thursday afternoon for their regular October meeting. They are likely to ask for Brexit negotiations to continue.

There has been "some progress" over competition rules, according to an EU diplomat who didn't want to be named due to the sensitivity of the talks, but both sides claim they have not yet bridged all their differences. The 27 heads of state for the EU are gathering in Brussels on Thursday afternoon for their regular October meeting. They are likely to ask for"We really need to see movement from the side of the U.K.," the EU diplomat said on Wednesday during a briefing.The main stumbling block at this stage has been over fisheries, a subject that carries quite a lot of political weight for the U.K. government, but also for some EU countries, including France.

The U.K.'s chief Brexit negotiator, David Frost, has told Johnson not walk away from the talks, adding that a deal over security and fisheries is possible in the next two weeks, the Times reported on Thursday, citing "a source close to the talks." CNBC wasn't able to independently verify the comments.

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