The UK formally left the European Union back in January and negotiations are still ongoing despite the end of the transition period on December 31 looming closer. Issues on fishing, governance and the so-called level playing field have remained.
This week, MEPs passed a deadline claiming EU chief negotiator Michel Barnier must present them with the trade agreement by December 21.
Earlier, German MEP Bernd Lange warned a no deal was inevitable unless an agreement is signed today, but this did not happen.
He tweeted: “The consequence of no deal tonight is obvious: the EP does not know the consolidated text, is not in a position to scrutinise before the end of the transition period.
“So make preparations now for a no deal period and agree emergency measures with UK.”
The BBC’s Europe editor Katya Adler retweeted Mr Lange’s tweet saying if agreed, a deal could be “applied provisionally”.
Ms Adler tweeted: “Influential MEP warns a no deal period is inevitable come January 1 if deal not agreed today because European Parliament couldn’t scrutinise the text in time.
“But EU law says ratification by EU Parliament is not imperative.
“Deal – if agreed – could be applied provisionally.”
READ MORE: Brexit breakthrough: Barnier admits UK needs to ‘control own waters’
EU chief Brexit negotiator, Michel Barnier, also said the bloc remains “committed” to a “fair, reciprocal and balanced” agreement.
He tweeted: “In this crucial moment for the negotiations, we continue to work hard with @DavidGHFrost and his team.
“The EU remains committed to a fair, reciprocal & balanced agreement.
“We respect the sovereignty of the UK. And we expect the same.
“Both EU and UK must have the right to set their own laws and control their own waters.
“And we should both be able to act when our interests are at stake.”
Negotiations being led by the EU Commission but some diplomats have warned the December 21 deadline may be disregarded in pursuit of a deal.
National governments could apply the deal provisionally before it is ratified next year by MEPs.
The EU signed the Comprehensive Economic and Trade Agreement (CETA) with Canada in 2017.
The UK has also indicated its own desire to continue negotiations as long as possible.
But Prime Minister Boris Johnson said: “We hope that our EU friends will see sense and come to the table with something themselves.
“If that doesn’t happen, then on January 1 we will be trading on WTO terms.”