In an interview to the ITV broadcaster on Monday, Davis said that he intended to ask the European Union to set up a temporary customs union after Brexit in March 2019, adding that it would serve the interests of the both sides.
"We sell them, the Europeans, about 230 billion euro [$270 billion] of goods and services a year. They sell us 290 billion euro. So there are a lot of things there," Davis was quoted as saying by the broadcaster.
In late March, the United Kingdom officially launched the EU withdrawal process. The Brexit negotiations between London and Brussels, which started on June 19, are expected to conclude by the end of March 2019.
In late July, UK Chancellor of the Exchequer Philip Hammond expressed his intention to ensure that UK firms maintain full access to both the EU Single Market and Customs Union for at least two years after Brexit, after which the United Kingdom would leave both.