The parliament's treaties committee released a report on Thursday recommending that "binding treaty action be taken".

The committee's only other recommendation called on the government to provide "greater consultation and transparency during the negotiating process, and independent modelling and analysis of trade agreements".

Trade Minister Don Farrell said the "gold standard" trade agreement would drive increased trade, two-way investment, economic growth and job creation.

"The agreement represents substantially increased opportunities for market access for Australian exporters, particularly agricultural exporters," he said.

"When it enters into force, over 99 per cent of Australian goods exports will enter the UK duty free, including sheep meat, beef, dairy, sugar and wine."

It also includes measures designed to increase the mobility of skilled workers and young people in both directions, and the liberalising of access to service sectors.

Senator Farrell said he had informed UK Secretary of State for International Trade, Kemi Badenoch, the government was in a position to have parliament pass the bill next week.

The agreement will be in force after Australia and the UK have confirmed with each other in writing that they have completed their respective domestic requirements.

Prime Minister Anthony Albanese formally met with his British counterpart Rishi Sunak on the sidelines of the G20 summit in Bali on Wednesday, where they discussed trade and security arrangements.

Australian Associated Press