UK to explore free trade deal with Australia

The UK is to begin preliminary talks with Australia about the outline of a future free trade deal between them.

Officials will meet twice a year to discuss the parameters of what both sides said they hoped would be an "ambitious and comprehensive" deal.

Australia has been earmarked by the UK as its first post-Brexit trade partner.

International Trade Secretary Liam Fox and his counterpart Steven Ciobo said they shared a "strong political commitment" to trade liberalisation.

In a joint statement, they announced the creation of a working group to discuss areas of mutual co-operation including future investment opportunities.

The working group will meet twice a year, starting in Australia in January.

As well as considering bilateral links, it will look at relevant international trade standards, including World Trade Organization rules.

"We want the working group to advance an agenda that will ensure the expeditious transition to free trade agreement negotiations when the UK has formally completed its negotiations to exit the EU," the two men said.

Australia, which currently has a free trade deal with the EU, has said it wants to move quickly to negotiate direct arrangements with the UK.

Speaking in July, Australian Prime Minister Malcolm Turnbull said he wanted to take advantage of the UK's exit from the EU to build a mutually beneficial partnership.

No agreement can be reached until the UK leaves the EU, which is not expected to happen until 2019 at the earliest, depending on the pace of negotiations after the UK formally notifies the EU of its intention to leave.