© AFP via Getty Images European Commission President Ursula von der Leyen said on Wednesday that U.K. and European Union negotiators had "found a way forward on most issues" that remained the major stumbling blocks in their talks about a trade deal. "The path may be very narrow but it is there," she added.
Read: With Brexit Talks in Final Stretch, Boris Johnson Has Reasons to Deal
The outlook: If fisheries really are the last source of major differences between the two sides, EU and U.K. leaders would find it hard to explain a failure of the talks hinging on an activity that amounts to 0.1% of the U.K.'s gross domestic product - and much less for the EU.
The legal and procedural obstacles to a ratification before the end of the year are serious, but may not be unsurmountable. But they will involve some tweaking of the current rules, which might mean either a temporary implementation of the treaty from Jan. 1 pending Parliament's approval, or an extension of the current "extension period" by another few weeks.
Read: EU and U.K. are playing with 'no-deal' Brexit fire. It's time for investors to notice