"The Working Group will also begin to lay the groundwork for a potential, future free trade agreement once the UK has left the EU, and explore where we can collaborate to promote open markets around the world," the statement said.
The statement said the working group will also focus on ensuring continuity for US and UK businesses after Brexit.
In the statement, Fox noted the United States is the largest UK trading partner. Trade between the two nations is worth some $230 billion per year, and the two nations have around $1 trillion invested in each other's economies.
Brexit negotiations officially started on June 19, when UK Brexit Secretary David Davis arrived in Brussels to negotiate the terms with EU’s chief negotiator Michel Barnier. The talks are expected to conclude by the end of March 2019.