As January 31 ticks over with the UK agreement to leave finally passed by its parliament and accepted by the European Union, University of South Australia researcher Professor Jimmy Donaghey says the hard part lies ahead.

"The way ahead is fraught and there are probably only three broad scenarios from this final 11-month stretch where the UK must extricate from the EU," Prof Donaghey said.

Under the first scenario, Britain could agree on very little and "crash out" of the EU with no agreements negotiated.

This would mean trade with Europe would come under the World Trade Organisation general member trading agreement with all its contingent tariffs and quotas.

Prof Donaghey considers this the least likely outcome.

"The second outcome will be to seek an extension to the exit period to give them time to develop a comprehensive agreement with the EU," he says.

"The messiest possibility but perhaps the most likely is that the UK could develop a broad agreement to align to EU regulations with the option to opt out of some laws or rules when they want to and pay contingent penalties for doing so."

Prof Donaghey said whatever happens, Australia would not greatly benefit from Brexit.

"The geographic distance between the two countries has always been a restriction on trade, but essentially Australia's biggest export earners, things like coal and iron ore, are not in demand by the UK," he says.

As well, Australia and the UK are direct competitors in the education sector.

CommSec's Craig James told AAP the end of uncertainty over Brexit would allow business to start spending, investing and hiring again.

"The resolution of uncertainty is important," he said.

However he says while any progress on a UK-Australia free trade deal would be positive for business, the end product would not have a huge impact on either economy.

"Australia's main trade in goods and services is with Asia rather than the UK and Europe," Mr James said, noting the UK is Australia's eighth largest two-way trading partner.

"But both the maintenance and lifting of two-way investment and tourism are certainly areas that will provide real benefits to both countries and thus are important goals for governments."

Trade Minister Simon Birmingham wants the deal concluded this year and believes the UK has a similar aim.

A team of EU officials will meet their Australian counterparts in Canberra from February 10 to 14 for the sixth round of negotiations towards the EU-Australia free trade agreement.

Australian Associated Press