The two alliances will work alongside the London Organising Committee of the Olympic Games (LOCOG) to develop a range of initiatives, such as Fair Pricing-Fair Practice charter and providing a forum for the industry to share knowledge and increase communication.
David Hornby, commercial director at Visit London said it wanted to "engage with the wider industry at a senior level as early as possible" to build on the work that has already been done.
He added: "We want to create a lasting legacy for the entire business tourism industry not just in London but throughout the UK."
The team will be coordinated by a senior group of representatives from Visit London, VisitBritain and LOCOG, and will be headed by David Sharpe, managing director of the London Eye and Merlin Entertainments Group.
There will also be a group made up of senior figures from across the industry which will advise on areas for strategy and develop further projects. The names are expected to be announced after the Beijing Games have taken place on September 17th.
Joss Croft, head of business visits and events at VisitBritain, said the group would give business tourism "an even greater voice over the next four years and beyond."
The news comes after VisitBritain announced significant job cuts after receiving a blow to its government funding.
By Gemma Sharkey
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