Australian Prime Minister Malcolm Turnbull said on Sunday his country and Britain were both very committed to having an early free trade agreement after Britain leaves the European Union.

"Prime Minister May and I are very committed to having an early free trade agreement put in place so that when Britain leaves the EU, we have very open markets between Australia and Britain," Turnbull told reporters on the sidelines of a G20 summit in the eastern Chinese city of Hangzhou.

"They've got to put in place free trade agreements and we are enthusiastic and supportive; we're providing Britain with as much assistance as we can at a technical level," Turnbull said.

Britain's June decision to leave the 28-country EU sent financial markets into shock in anticipation of a recession as Britain enters a years-long process of tearing itself away from its biggest trading partner and forging a new global economic role.

Britain's economy will suffer as a result of the decision to leave the European Union despite signs in recent economic data that the impact has not been as severe as some predicted, Prime Minister Theresa May said on Sunday on her way to G20. – Reuters