Both countries are confident that the remaining issues will be resolved, and will now enter a sprint to agree the outstanding details with the aim of reaching agreement in principle by June.
The second day of talks between UK International Trade Secretary Liz Truss and Australian Trade Minister Dan Tehan concluded this evening in London.
International Trade Secretary, Liz Truss, said:
We have made major breakthroughs over the past few days and an agreement is now in sight. I want to thank Dan personally for the contribution he has made and for his desire to get this deal done.
This is a deal that will deliver for Britain and all parts of our economy. It is a win-win for both nations. It is a fundamentally liberalising agreement that will support jobs across the country and help us emerge stronger from the pandemic, strengthening ties between two democracies who share a fierce belief in freedom, enterprise and fair play.
We will spend the next few weeks ironing out details and resolving outstanding issues, with a view to reaching a deal by June.