The pair are preparing to discuss the trade negotiations after catching up at the G7 summit in Cornwall.

But several key sticking points must be overcome before an in-principle agreement can be reached.

Agriculture has firmed as the major obstacle, with consensus on Australian beef and lamb exports proving to be particularly elusive.

British dairy farmers are also dubious about the trade deal.

Australian officials have described negotiations as tough and the two trade ministers have been in daily contact.

Australia wants to reach a proper agreement with genuine trade liberalisation.

Mr Morrison has indicated he does not want to sign an agreement for the sake of it, only to have the trade arguments down the track.

Australia sees it as being in the UK's interests to establish its post-Brexit free trade credentials after withdrawing from the European Union.

Trade Minister Dan Tehan said enormous progress had been made on the agreement over the past six weeks but it was unclear whether a deal could be reached this week.

"We will continue discussions over the next 24, 48 hours in the hope of reaching an agreement," Mr Tehan told Sky News.

"But we have said all along that we want this to be an agreement of substance, we want to make sure it is in Australia's national interest and if we need to be patient we will be patient."

He said there were still a number of issues to be worked through - on agriculture, services and investment - and Australia wanted to make sure the initial agreement was comprehensive.

"But if we need more time, we will take more time," Mr Tehan said.

Australian Associated Press