With growing fears of a chaotic no-deal finale to the five-year Brexit crisis when the United Kingdom finally leaves the EU's orbit on 31 Decemeber, the dinner is being cast as a last chance to unlock the stalled trade talks.
According to a British government source, "We must be realistic that an agreement may not be possible as we will not compromise on reclaiming UK sovereignty."
"It's clear that some political impetus will be required for the talks to make any more progress," the source said, adding that if progress was made then negotiators Michel Barnier and David Frost could resume talks.
🇪🇺🇬🇧 Briefed all Member States at the #GAC today. Full unity. We will never sacrifice our future for the present. Access to our market comes with conditions.
— Michel Barnier (@MichelBarnier) December 8, 2020
Working closely with @DavidGHFrost and team to prepare upcoming meeting between @vonderleyen and @BorisJohnson. pic.twitter.com/3HTtnYZ9e0
Johnson's Brexit supremo, Michael Gove, refused to give odds of a deal but said the EU would have to move if there was to be an agreement. He had previously put the odds of securing a trade deal at 66%.
Speaking earlier this Wednesday, Gove said "The EU has to move," adding that a deal would only be possible if the bloc accepted the United Kingdom was now a sovereign nation. Failure to secure a deal would snarl borders, shock financial markets and sow chaos through the delicate supply chains that thread across Europe and beyond just as the world faces the vast economic cost of the Covid-19 pandemic.
An acrimonious no-trade deal Bexit would, in the short term, split the West, slice off a chunk of both British and EU gross domestic product while making trade much more expensive for businesses trading everything from car parts to Camembert.
Glide path?
Meanwhile, chief Brexit negotiator Barnier said on Tuesday that he believed a 'no-deal' split in ties with Britain at the end of the year was now more likely than agreement on a trade pact.
A diplomat and an official in Brussels, speaking on condition of anonymity, said Barnier made the remark at a meeting with the 27 national European affairs ministers and added that it was time for the bloc to update its no-deal contingency plans.
Britain said on Tuesday it would drop clauses in draft domestic legislation that breached the Brexit Withdrawal Agreement after it clinched a deal with the EU over how to manage the Ireland-Northern Ireland border.
🇪🇺🇬🇧 Pleased to announce that thanks to hard work, @michaelgove and I have reached an agreement in principle on all issues re the #WithdrawalAgreement implementation. This will ensure it is fully operational as of 1 Jan, incl. the Protocol on Ireland/NI 👉 https://t.co/RaWNEVbxrt pic.twitter.com/1OCjapNd3F
— Maroš Šefčovič🇪🇺 (@MarosSefcovic) December 8, 2020
Gove, Johnson's minister in charge of negotiations with the EU over Northern Ireland, said the deal on Northern Ireland cleared a path towards a trade deal.
"There is a smoother glide path towards a possible deal," Gove said.
"I hope that we will secure a free trade agreement," Gove told Sky, adding that if a deal was not done finance minister Rishi Sunak would take steps to ensure British businesses were competitive.
Irish Foreign Minister Simon Coveney said he believed Britain wanted to find a way to strike a deal, citing conversations with the London government.
"I believe they do want to try to find a way of getting a deal," Coveney told Irish national broadcaster RTE.
