European Parliament Sets a Deadline to Sign Deal: Brexit Update

(Bloomberg) -- The European Parliament set a Sunday deadline for negotiators to reach a post-Brexit trade deal as they battle over fisheries, the final obstacle to an agreement.

The European Union’s assembly will only be able to ratify an accord before the transition period expires on Dec. 31 if one is reached by Sunday evening, its spokesman said in a text message on Thursday. In London, Cabinet Office Minister Michael Gove said parliament would be recalled from its Christmas vacation next week if needed to ratify any agreement.

The European Union’s chief Brexit negotiator, Michel Barnier, said the talks with the U.K. have made good progress, but warned that “last stumbling blocks remain.” The focus on fish, though, is a sign the two sides have largely settled their differences over the other major obstacle to an accord: the level competitive playing field for business.

Key Developments:

• EU’s Michel Barnier sees good progress in the talks
• U.K.’s Michael Gove says negotiators are working day and night
• Nissan picks Japan over Sunderland amid Brexit concerns

(All times are U.K.)

European Parliament Sets Deadline (12:15 p.m)

The European Parliament said it will hold an extraordinary plenary session in late December to ratify any Brexit deal -- as long as one is struck by midnight on Sunday.

Weber: Need Deal by Sunday (11 a.m.)

Manfred Weber, head of the European People’s Party, said the European Parliament should only ratify a deal if it gets it by Sunday.

“The agreement is too important to rush through,” he tweeted. “We owe it to the people and businesses in our constituencies who will be heavily affected by Brexit to scrutinize the deal appropriately. After Sunday, we don’t believe this would still be possible.”

U.K. Pushes on With Internal Market Bill (11 a.m.)

The U.K. government said it will press on with its Internal Market Bill, despite it being rejected by the Scottish and Welsh parliaments.

The legislation, which previously contained controversial provisions that would have allowed ministers to break international law, is designed to avoid trade barriers arising within the U.K. after Brexit.

Lawmakers in Scotland and Wales have said the bill constitutes a power grab by Westminster, and will force them to accept products in their markets even if they’re made to lower standards. The Welsh government has threatened legal action against the U.K. if it proceeds with the bill.

Barnier Tweets (10:20 a.m.)

U.K.’s Gove Says Working Day and Night (10:15 a.m.)

U.K. Cabinet Office Minister Michael Gove said negotiators are working “day and night” to reach a trade deal with the EU.

“We will be doing everything in order to secure a good free trade agreement,” Gove told the House of Commons on Thursday. “We’re going the extra mile to continue the negotiations.”

Parliament -- which begins its Christmas vacation later Thursday -- could be recalled next week to approve any deal, Gove said.

Nissan Picks Japan Over Sunderland Amid Brexit Worry (Earlier)

Nissan Motor Co. has opted to ship an upcoming electric vehicle to Europe from Japan rather than produce it in the U.K., where one of its largest factories faces an existential risk from a hard Brexit.

Retailers Seek Port Disruption Inquiry (Earlier)

Britain’s top retailers and food manufacturers are demanding lawmakers investigate disruption at U.K. ports that has caused shipping costs to soar and raised doubts over the stability of supply chains after the country completes its split from the EU.

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