UK's Theresa May sets out vision for frictionless trade after Brexit

British Prime Minister Theresa May called for a deep partnership with the European Union after Brexit, setting out ambitions for a tailor-made deal including financial services but accepting EU regulation of chemicals, medicines and aerospace industries.

In an attempt to add detail to Britain's negotiation on leaving the EU, May mixed concessions with a plea for a deal that would keep trade flowing between the world's biggest trade bloc and Britain's $2.7 trillion economy.

May proposed having either a customs partnership, where Britain would implement EU tariffs on its border for goods intended for the EU but could set different ones for goods going elsewhere, or a streamlined customs arrangement, where jointly implemented measures would minimise frictions to trade.

But she also proposed Britain having access to the EU's financial markets in return for having similar standards to those of the EU, which would in turn keep access to Europe's biggest and deepest markets in London.