Trade negotiations are nearing their “final laps” although more work needs to be done to reach a deal between China and the U.S., Treasury Secretary Steven Mnuchin said Sunday, according to the New York Times.

“We’re getting into the final laps,” Mnuchin said in an interview at the Milken Institute Global Conference in Los Angeles, the New York Times reported.

While Mnuchin said that while the two sides are closer to an agreement, he also noted that more work remains to be done, according to the New York Times.

“I think both sides have a desire to reach an agreement,” Mnuchin said. “We’ve made a lot of progress.”

But there is still a possibility that the talks could end with no agreement. In particular, the U.S. and China are still in talks over how to enforce any trade agreement between the two countries, according to reports.

“There’s still some significant issues that are open,” Mnuchin said.

Negotiations are set to continue this week in Beijing.