London: Senior officials from Australia and Britain will meet soon to begin planning an "ambitious and comprehensive" free trade agreement between the UK and Australia.

The agreement to establish a 'bilateral trade working group' was announced on Tuesday after a meeting in London between Australian trade minister Steve Ciobo and Britain's secretary of state for international trade Liam Fox.

The working group will set out an agenda to "ensure the expeditious transition to FTA negotiations when the UK has formally completed its negotiations to exit the EU", the two ministers said in a joint statement.

"Both of us want a future FTA to generate new trade and investment opportunities," they said.