Shanker Singham, Director of Economic Policy and Prosperity Studies at the Legatum Institute, said a deal that “creates wealth” was of “great need” to the EU.
Speaking to BrexitCentral, Mr Singham added the negotiations should not be thought of as a “boxing match” and both sides were set to benefit.
He said: “A tremendous amount of work has gone up to this point, to get us to that level and an ambitious deep and special, as Theresa May says, agreement with the European Union is absolutely on the cards.
Shanker Singham said a trade deal between the UK and EU was "needed" by the bloc
It’s something of great interest to them, and great need frankly
“It’s something of great interest to them, and great need to them, and it’s something of great interest and need for us.
“It’s very easy to look at this as a sort of UK versus EU boxing match and we’re in the early rounds and I think that’s to fundamentally misunderstand the process.
“What we are actually engaged in here is a mutual endeavour with the European Union to ensure that we have a free trade agreement that increases import competition, that increases consumer welfare and that actually creates wealth for both the UK and the EU and ultimately for the world and that is an eminently achievable task.”
Brexit debate in pictures: Farage blasted by EU boss Wed, April 5, 2017
The debate in the European Parliament in Strasbourg will focus on key issues of the Brexit talks including reciprocal rights for EU citizens, the peace process in Northern Ireland and trade
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Nigel Farage gestures during speeches at the European Parliament in Strasbourg, eastern France
Meanwhile, Norway wants to secure a trade deal with the UK after it leaves the bloc, but its European Union minister said nothing could be struck yet because of Brussels rules.
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Norwegian politician Frank Bakke-Jensen added “there could be no doubt” Brexit would have big consequences for the Scandinavian nation but said the Government hoped to achieve the "best possible" relationship with the UK.
Speaking at an NHO event in Norway, the cabinet minister said: “The Government’s clear goal is to establish the best possible trade policy and cooperation with Great Britain and best possible access to the British market."