London, Nov 7 (IANS): UK Prime Minister Boris Johnson said he believed that there was "a deal to be done" on the post-Brexit trade with the European Union (EU), adding he "very much hopes" to come to an agreement but at the same time the country was "very well prepared" to move on if there wasn't one.

The UK formally left the EU on January 31 after which it entered a transition period, that included continuing with many of the bloc's rules, while a trade deal was being negotiated, the BBC reported.

After months of negotiations, the two sides are yet to reach an agreement.

The transition period will end on December 31, and if a deal is not agreed by then, the UK will have to trade with the EU under the World Trade Organisation rules.

During a briefing on Friday when asked if the two sides could secure a deal within the next 10 days, Johnson said: "I very much hope that we will, but obviously that depends on our friends and partners across the Channel.

"I think there is a deal to be done, if they want to do it.

"If not, the country is, of course, very well prepared. As I have said before, we can do very well with on Australian terms (without a deal), if that is what we have to go for."

The Prime Minister's remarks a day before he speaks to EU Commission President Ursula von der Leyen on Saturday about the situation.