Economics, EU – Baltic States, Latvia, Markets and Companies

He explained that Latvia has identified areas where Britain's exit from the EU would be felt the most.

"A no-deal Brexit could have a negative impact on Latvia's growth, but our economic dependence on Great Britain is balanced by the trade balance in goods," the committee's chairman said.

He said businessmen working with the UK need to review contracts in an attempt to anticipate the possible risks and take the appropriate measures in case of a no-deal Brexit.

Asked if a no-deal Brexit could happen, Kols said he does not want to speculate, but admitted that the whole process is unpredictable.

"Neither side will benefit if they do not come to an agreement," Kols insisted. He also stated that EU leaders would be prepared to extend the Brexit deadline, but that the reason should be some concrete action from the British side.