"There are big opportunities across the services and investment sectors,"he said.
"As markets with common language and common legal systems,our services industries are incredibly well placed to be able to open up markets with one another – whether that's in areas such as financial services or insurance services where the UK has significant providers who may add further competition into Australian marketplace,or Australian operators who may see opportunities in being able to access a big market and global financial centre like London."
While free trade deal negotiations can often descend into brawls over tariffs and quotas on individual goods and industries like agriculture,the booming services economy represent an increasingly important element of new international trade agreements.
Services industries – Australia's largest source of employment – include financial operations like banking and insurance,legal services,transport operations,technology and the health,education and tourism sectors.
Two-way services trade between the UK and Australia is worth about $14.5 billion compared to two-way goods trade at about $12.3 billion.
Trade negotiators from both sides could seek to eliminate,reduce or allow different standards,regulations,training and qualifications that currently prevent Australian and UK businesses from expanding overseas.