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Australia expects 'quick' post-Brexit deal with UK

Australia expects a free trade deal with the UK to be done "very quickly" after Brexit, the country's finance minister has said.

Mathias Cormann has told Sky News there had been "preliminary conversations" between the two countries over a trade deal and there was "goodwill on both sides".

Mr Cormann was speaking to Sky (Frankfurt: 893517 - news) 's Economics Editor Ed Conway at the World Economic Forum in Davos.

Theresa May earlier told world leaders gathered there that the UK was in talks with a number of countries over trade deals after Brexit.

The Prime Minister said Britain had already been in discussions with Australia, New Zealand and India and added that China, Brazil and the Gulf States had also expressed interest in striking deals.

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In her speech, she said that Brexit would allow the UK to "step up to a new leadership role at the strongest and most forceful advocate for business, free markets and free trade anywhere in the world".

The PM insisted the Brexit vote was not about the UK looking inwards but was about building a "truly global Britain".

She (Munich: SOQ.MU - news) said: "I want the UK to emerge from this period of change as a truly global Britain - the best friend and neighbour to our European partners, but a country that reaches beyond the borders of Europe too; a country that gets out into the world to build relationships with old friends and new allies alike.

"And that is exactly what we are going to do."

Mrs May said that Britain was a "hub for foreign investment" and cited Indian company Tata as the country's biggest manufacturer.

On a visit to Downing Street last week, New Zealand PM's said he hoped negotiations could start as soon as possible on reaching a "high quality" trade deal with the UK.

Bill English said the two nations were "natural partners" and would "continue to forge ties" after Britain's departure from the EU.

US President-elect Donald Trump has also promised a "quick" free trade deal with Britain.

More follows...