Despite the UK's decision to leave the European Union (EU), the bloc's trade chief says talks on the Transatlantic Trade and Investment Partnership (TTIP) trade deal with the US are moving forward – with the aim to conclude during the current US presidential administration.

"The recent UK vote on EU Membership has not affected the underpinning reasons for why trade across the Atlantic should be made easier," EU trade commissioner Cecilia Malmström said in a speech at the Atlantic Council in Washington DC yesterday (29 June).

She added that as it remains one of the 28 Member States, the UK will participate in TTIP negotiations "until they are no longer a member."

"The rationale of TTIP remains as strong today as it was last Thursday [when the EU referendum took place]. I am here to prepare the next round of negotiations, with the ambition to conclude before the end of the Obama administration. That has not changed."

The next round of TTIP negotiations will start on 11 July in Brussels. 

Should the UK go ahead with its plans to leave the EU, any TTIP deal agreed would cease to apply to the UK within two years of the country invoking Article 50 of the Treaty on European Union, the formal procedure for quitting the bloc.