Foreign Minister Julie Bishop says any future trade deal between the United Kingdom and Australia relies on Britain leaving the EU customs union.
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Speaking in London at an Australia-United Kingdom Chamber of Commerce event, the minister reassured Britain Australia was keen on closer ties post-Brexit.
She said she wouldn't be telling her British counterpart, Foreign Secretary Boris Johnson, or the UK government how to manage Brexit negotiations but would push shared values of liberalised trade and investment.
"I believe that, post Brexit, there will be enormous opportunities to engage more closely in trade and investment," she told media after her speech.
The biggest challenge to securing a bilateral deal was the timing of the UK's exit as there can be no formal trade talks while it remains in the EU, Ms Bishop said.
The British exit from the European bloc has been marred by fighting within the Conservative Party and there is a push for the UK to remain in the customs union, something Australia does not want.
"I think that would be precluded if the United Kingdom were to join the (EU) customs union, so our national interest, our priority, would be served by negotiating a free trade agreement with the United Kingdom."
Australian Associated Press