Queensland has agreed to proceed with federal Treasurer Joe Hockey's “asset recycling pool”, but could opt out of taking up the final offer.

Tim Nicholls walked out of the “the most productive treasurer's meeting I have attended” with a smile and a sketch of the plan the Commonwealth had set out for the states.

The federal government is encouraging the states to sell their assets and recycle that money into new, economy-boosting infrastructure in exchange for access to funding from the federal government.

“The treasurers have agreed to proceed with the proposal,” Mr Nicholls said. "It is a good proposal in that it allows the states to sign up but to opt in whether they take up the offer or not.