The U.K. and the European Union are at odds over what their trade relationship will look like now that Britain is no longer a member state.
The U.K. will continue to abide by EU laws and regulations until the end of 2020. But British Prime Minister Boris Johnson insists that the U.K. will not be bound to EU rules after that transition period.
He expressed optimism about the U.K.'s new opportunities for global free trade.
"We have the opportunity, we have the newly recaptured powers, we know where we want to go, and that is out into the world," Johnson said.
Meanwhile, EU leaders say the U.K. cannot disregard their rules and expect to reach a comprehensive trade deal similar to the ones Canada and Japan hold with the EU.
"The closer the U.K. wants to be, the easier the access to the single market, but nothing comes for free. So access to the single market is of high value. It's the largest single market in the world. It's of utmost importance, and therefore I think it is only a matter of fairness to also play by the rules then," European Commission President Ursula von der Leyen said.
Post-Brexit discussions to sort out trade, security and other aspects of the relationship will begin in March.
Contains footage from CNN.