Brazil hopes to begin free trade ­negotiations with the UK as soon as possible, the country’s finance minister said on a visit to Britain, as the South American nation seeks to open up to the world.

“We are ready to open discussions with the British Government,” said Henrique Meirelle. “They have already shown an interest in bilateral negotiations for a possible trade agreement. We do think that is a good idea.”

Talks can’t begin until Brexit has formally taken place. Mr Meirelles was speaking at an event hosted by Itau, Brazil’s biggest bank, where he told a London audience that the government aims to transform the country into an open, dynamic, market economy.

“Brazil is a closed economy with protectionism and closed markets, taxes, administrative barriers. And it was not positive in terms of having an effect on the productivity rate of the country,” he said.