Britain's Minister for Trade Policy, Lord Price, has been "traveling like Marco Polo" in pursuit of new trade relationships with the rest of the world since the UK voted to leave the European Union.

This description arose on Thursday when a House of Lords committee questioned Price about the future of UKEU trade after Brexit. The former retail executive will play a role in mapping out the country's post-Brexit future, focusing on its ties with trading partners outside the EU.

Price has been traveling widely since the June referendum for consultations with the World Trade Organization and trade partners.

The "Marco Polo" remark recalled his first official visit to China, including Hong Kong, in July when he spoke of "the positive opportunities for the UK and rest of the world to create a second Golden Age of trade and investment".

However, he cautioned at the time: "Trade deals aren't agreed overnight. For some, we will be able to build on existing frameworks; others will have to be negotiated from scratch."

Price told the House of Lords committee that during his visits abroad foreign trade officials had acknowledged the advantages the UK would continue to offer even after it left the EU. These included having four of the world's top universities, a favorable tax regime and its geographical location.

He told the committee the UK would be able to consult with foreign partners on potential free-trade deals, but the signing and ratification of such agreements would have to wait until the country's formal departure from the EU.

Price's remarks came after China's Ambassador to the UK, Liu Xiaoming, said the referendum result had not dampened the enthusiasm of Chinese businesses for investing in Britain.