According to AFP Friday, Chief EU negotiator Michel Barnier warned that post-Brexit trade talks have reached a "moment of truth" with hours left to reach an agreement between EU and Britain.

"It's the moment of truth," Barnier told the European Parliament, adding that there is very little time remaining if agreements were to enter into force Jan. 1.

Fishing remains the main sticking point. "I don't think it would be fair, nor acceptable, if European fishermen were not allowed (...) to have access to those waters," said Barnier.

Barnier expressed the lack of fairness and “[dishonesty]” that EU fishing crews would face when severely losing out on access to those waters while British companies trading in other areas would "remain stable in their rights.”

"I cannot say what will come up during this last home straight of the negotiations. We have to be prepared for all eventualities," Barnier told Members of European Parliament (MEP)

According to AFP Thursday, Britain's Prime Minister Boris Johnson and EU chief Ursula von der Leyen held a call that failed to break the logjam in trade talks.

Without a deal on the matter, trade will be conducted as per WTO rules and tariffs will be introduced on goods, totally disposing of the 47 years of integration between the EU and Britain.

Britain has left the EU Jan. 31 and will leave the EU single market on December 31 at midnight, with or without a follow-on accord.