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The EU side has accepted a proposal to have a transition period on fishing rights in the new year. However, so far no agreement has been reached on when the period should end or how it will work.
The fishing transition period would allow the UK to catch its increased quota.
It would also give the EU more time to prepare to receive a smaller portion of the fish from British waters.
Government figures reportedly think this compromise is a sign that the EU will give in to other UK demands on fisheries in the next week of intense talks in London.
The EU’s top negotiator, Michel Barnier, arrived in London on Friday before the negotiations.
Before his arrival, Barnier wrote on Twitter that “the same significant divergences persist” in the Brexit negotiations.
His British counterpart, Lord David Frost, also took to Twitter on Friday to admit that “it is late” to negotiate a deal.
However, Lord Frost added: “A deal is still possible and I will keep talking until it is clear that it is not.
But for a deal to be possible, it must fully respect the sovereignty of the UK.
“That is not just a word, it has practical consequences. That includes: controlling our borders; decide on a sound and principled subsidy control system; and control our fishing waters.
READ MORE: Michel Barnier will backtrack on Brexit bluff on fishing demands
“We are working with the same network, but there is no agreement on what should be on the network and we could still end up leaving the network.”
In September, Lord Frost proposed a transition period of up to three years.
But the EU reportedly wants a much longer period.
Sources have estimated that the EU is demanding at least ten years, according to The Telegraph.
Fisheries deals between the UK and the EU after January 1 have been one of the biggest barriers in the Brexit trade deal negotiations.
On Monday, Irish Prime Minister Micheal Martin said he was “hopeful” that an agreement could be reached by the end of this week.
The UK will continue to follow the bloc’s rules until the end of the year as part of the current transition period.
But if a trade agreement is not reached before the end of the period, trade between the EU and the United Kingdom will default to the rules of the World Trade Organization (WTO).
The two parties can continue negotiating next year if no agreement is reached, however, both would face import taxes on goods traded between them.
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