The European Union's Trade Commissioner Valdis Dombrovskis on Wednesday said the U.K. and the E.U. were in the last moments to reach a trade deal which will regulate their relationship after the U.K.'s transition period ends.

Dombrovskis, however, did not hypothesize regarding any deadlines for ending the trade negotiations.

He only said the only deadline that could not be moved was January 1, 2021. That date is when the U.K.'s transition period after its exit from the E.U., which happened on January 31, ends.

Two diplomatic sources told Reuters that the E.U.'s negotiators are expected to provide a brief to envoys on the latest regarding Brexit negotiations on Friday.

The sources added that the closed-door briefing by the team of EU chief negotiator Michel Barnier may be called off depending on the progression of the talks.

(With input from Reuters)