BRUSSELS (AP) :

Negotiators from the European Union and Britain worked through the night and right into Christmas Eve to put the finishing touches on a trade deal that should avert a chaotic economic break between the two sides on New Year’s Day.

After resolving the remaining fair-competition and almost all fisheries issues on Wednesday, negotiators combed through hundreds of pages of legal text that should become the blueprint for a post-Brexit relationship.

As during much of the nine-month negotiations, the issue of EU fleets in British waters proved the most intractable and divisive, with negotiators still haggling over quotas for some individual species as dawn came.

Still sources on both sides said the long and difficult negotiations were on the cusp of being wrapped up as negotiators, holed up at EU headquarters in Brussels with a stack of pizzas, worked to deliver the text to their leaders on Thursday.

Irish foreign affairs minister Simon Coveney said there appeared to be “some sort of last-minute hitch” over fish, but that it was not surprising. He said he expected announcements of a deal from London and Brussels “later on today.”

Everyone awaited appearances by Prime Minister Boris Johnson and EU Commission President Ursula von der Leyen to announce the deal. The agreement will then go to the 27 EU nations seeking unanimous approval, as well as the blessing of the EU and British parliaments.

Britain’s currency, the pound, rose on expectations of a deal, up 0.5% against the dollar to just under $1.36.

Despite the breakthrough, key aspects of the future relationship between the 27-nation bloc and its former member remain uncertain. But it leaves the mutually dependent, often fractious U.K.-EU relationship — and its 675 billion pounds ($918 billion) in annual trade — on a much more solid footing than a disruptive no-deal split.

Johnson will now claim to have delivered on the promise that won him a resounding election victory a year ago: “Get Brexit Done.”

Even with a deal, trade between Britain and the EU will face customs checks and other barriers on Jan. 1, when the U.K. leaves the bloc’s single market and customs union. A trade deal would avert the imposition of tariffs and duties that could cost both sides billions in trade and hundreds of thousands of jobs. Britain withdrew from the EU on Jan. 31, and an economic transition period expires on Dec. 31.

Johnson has always insisted the U.K. will “prosper mightily” even if no deal is reached and the U.K. has to trade with the EU on World Trade Organization terms from Jan. 1.

But his government has acknowledged that a chaotic exit is likely to bring gridlock at Britain’s ports, temporary shortages of some goods and price increases for staple foods. Tariffs will be applied to many U.K. exports, including 10% on cars and more than 40% on lamb, battering the U.K. economy as it struggles to rebound from the impact of the coronavirus pandemic.

Over the past few days, Johnson and von der Leyen have been drawn more and more into the talks, speaking by phone in a bid to unblock negotiations that have dragged on for months, hampered by the pandemic and by the two sides’ opposing views of what Brexit entails.