The details of what has been described as a potentially "huge free trade deal" between the UK and Australia will soon be fleshed out, Australian trade and investment minister Steven Ciobo believes.

After meeting with his UK counterpart Liam Fox earlier today (27th March), the Australian trade chief was buoyed by the positivity of the meeting and stated that a new deal between the two nations could come into force as swiftly as "the day after" the UK leaves the EU.

Speaking to Bloomberg News, Mr Ciobo stated: "We share big ambitions on what the UK and Australia can do on global trade.

"We haven't done the agreement yet. It is hopefully not too long. It is very aspirational in terms of the quality of the deal."

He added that the UK's decision to pursue Brexit should not hinder the relationship between itself and Australia, while also urging the UK government to choose free trade over protectionism in its future trade policy outside of the EU.