British Foreign Secretary Dominic Raab stated that they were into the last week or so of substantive negotiations.
"I do think we're in a reasonable position, there's a deal to be done," Raab said.
He added that the EU was 'shifting the goalposts' on when the deadline for the deal was. According to Raab, significant differences persist over the fishing issue.
Raab stressed that extent of the disruption under a no-deal scenario would depend on how the Europeans act.
Talks between the United Kingdom and the European Union have intensified over recent weeks as the end of the Brexit transition period draws near. Speaking on Monday, European Commission spokesman Daniel Ferrie said that there is "no possibility" of extending the transition period beyond the end of the year.
The UK left the EU on 31 January, but as part of the withdrawal agreement, both sides entered an 11-month transition period to negotiate their future commercial relations.
Trade talks have been at an impasse for months over wide divergences over fishing quotas, the level-playing field — the set of common rules and standards designed to prevent businesses in one country from undercutting their rivals in other countries — and governance.
If no trade deal is secured, the World Trade Organization's rules will come into effect starting in 2021, including customs tariffs and full border checks for goods going across the English Channel.