European Union Council President Charles Michel said on Friday the bloc is ready to embark on trade talks with Britain and will do the utmost to protect European priorities after Prime Minister Boris Johnson's resounding election victory.

"My point is very clear: we are ready. We have decided what are our priorities," said Michel as he arrived at an EU summit where leaders would discuss the aftermath of the United Kingdom vote and Britain's planned departure from the bloc on January 31.

Nearly half a century after joining what has become the world’s largest trading bloc, Johnson faces the daunting task of negotiating a trade agreement with the EU, possibly in just 11 months.

The outcome of the negotiations will shape the future of Britain’s economy. After Jan 31, Britain will enter a transition period during which it will negotiate a new relationship with the remaining 27 EU states.

This can run until the end of December 2022 under the current rules, but the Conservatives made an election promise not to extend the transition period beyond the end of 2020.