Barnier also reminded Britain that there was still work to be done on divorce issues and warned it that it might not be able to benefit from trade deals the European Union has with other countries during the transition.
The EU is pushing to ensure free movement of EU citizens in Britain until the end of the transition period instead of the date of Britain's withdrawal from the bloc, which had been agreed to by EU and British negotiators in December.
Asked about the transition, a spokesperson for the prime minister said on Monday morning that Britain remained committed to a "time-limited transition" of "around two years", but did not rule out the possibility of signing up to a longer period. "The message is don't lose this out of sight, because we want to have it settled as well".
"When that restriction is up we're going to be your great trading partner".
May is struggling to hold her government together as hardline Brexiteers within her party push for an uncompromising negotiating stance with Brussels and pro-EU ministers campaign for a soft, minimally disruptive Brexit. One EU diplomat voiced frustration that the British side seemed "not ready" to advance on the topics: "They actually haven't done much".
"It's up to Japanese businesses to assess their interests and it's up to us to say, 'yes it's over with the United Kingdom and this is what we will do to welcome you, ' " Le Drian said.
"Without an agreement on all parts of the withdrawal there can be no transition", Barnier told reporters after the meeting. "How fast can a deal be sealed?" That is a sine qua non condition for progress in this second phase.
Saudi Prince Alwaleed bin Talal released after corruption crackdown
The prince said he was able to communicate with family members and executives at his business during his time in detention. According to Prince Alwaleed, he felt "so comfortable, so relaxed.like at home" in the Ritz. "It's like home.
A bipartisan USA trade panel blocked that decision on Friday but the dispute, which has inflamed relations with Ottawa - and to a lesser degree Britain, where Bombardier has a large workforce - could be a harbinger for the EU.
Davis tells his audience he wants a Brexit transition phase to "smooth the path" out of the EU.
The UK needs to decide how to deal with the over 750 worldwide agreements, including trade deals the European Union already has.
It is expected Britain's Brexit Minister David Davis to present London's goals for the next round of talks with Brussels.
The EU's guidelines also note that work should continue on finding a solution to the Irish border question, which proved a significant obstacle during the first round of negotiations. An outline trade package could then be agreed by the time the divorce and transition deal is ready in October.
British officials are confident these issues will be resolved.
"It will continue to have all the economic benefits therefore it must also apply all the European Union rules". The UK sees this move as an extension of the already agreed date for an end to the free movement, and the start of the new registration for European Union citizens in the UK. "I would have taken a tougher stand in getting out", he added in the interview.
She suffered a serious defeat in the House of Commons last month at the hands of mutineers from her own Conservative party who are opposed to Brexit in its current form.