British trade will shift away from EU over time, says trade minister

Britain's trade will shift away from the European Union over time and towards parts of the world which are experiencing faster growth, trade minister Liz Truss said on Monday.

"Of course the EU trade deal is important but we have to remember over time other parts of the world are going to become relatively more important, first of all because those are the places of faster growth, and secondly because as the UK develops its own independent regulatory regime, we will be able to get better access to those markets," Truss said.

"Over time I think we will see a shifting ... but of course the EU will continue to be an important trade partner," she told an event with the Spectator magazine.