British Brexit Secretary David Davis (L) and European Union's chief Brexit negotiator Michel Barnier attend the press conference after a new round of negotiations on Brexit talks at the EU Commission in Brussels, Belgium, March 19, 2018. (Xinhua/Ye Pingfan)

BRUSSELS, March 19 (Xinhua) -- The European Union (EU) and Britain on Monday reached a deal on the Brexit transitional agreement, which is expected to be signed off by leaders during Friday's EU Summit.

"A good deal for the EU and Britain is closer than ever before," said Britain's Brexit Secretary David Davis during a joint press conference with his EU counterpart Michel Barnier.

However, "the transitional period will only come after everything is agreed," said Barnier, EU's chief Brexit negotiator.