A free trade deal between Australia and Britain will remove taxes on virtually all Australian exports to the United Kingdom.
The FTA was signed by Trade Minister Dan Tehan and UK Secretary of State for International Trade Anne-Marie Trevelyan during a virtual ceremony in Adelaide on Friday, witnessed in person by Finance Minister Simon Birmingham and British high commissioner Vicki Treadell.
The deal will abolish taxes on 99 per cent of Australian exports worth $10 billion and UK imports worth $200 million.
The maximum age that people from both countries can apply for working holiday visas of up to three years will be between 30 to 35 years.
It will also give Australian agricultural exporters better access to the UK market and help the Australian wine industry, with more than $40 million of tariffs removed for bottles entering the UK.
About $725 million worth of farming products like beef, sugar and dairy will not have a duty imposed.
On top of tariff removals, the Australian public sector will now be able to attract contract bids from the UK.
Additionally, British architects, scientists, researchers, lawyers and accountants will have access to visas to work in Australia without being subject to requirements under Australia's skilled occupation list.
The deal is due to come into effect some time in 2022 as the government works to implement it.
Mr Tehan said the comprehensive deal would continue to grow investment across the board and provide a pathway to economic recovery from the pandemic.
"Our economies will be able to operate seamlessly again," he said.
"The experiences and opportunities that young Australians and young Brits will be able to get through this initiative is just fantastic."
The UK is touting the deal as its largest "from scratch" agreement to be finalised, saying it provides a gateway into the fast-growing Indo-Pacific region and boosts the UK's bid to join the 11-country trade pact known as the CPTPP.
The trans-Pacific pact includes Australia, Canada, Japan and New Zealand.
Mr Tehan said involving Britain in the CPTPP would help counter trade uncertainty in the Indo-Pacific created by the level of geostrategic competition.
"I look forward to building on this FTA," he said.
Ms Treadell said it was a historic and world-class agreement between the two nations.
"Britain is open for business," she said.
She said the talent exchange aspect of the agreement would further strengthen existing connections.
The in-principle deal between the two nations was unveiled in June this year, following months of negotiations.
The UK is Australia's eighth-largest two-way trading partner worth almost $27 billion in 2018.
It is also Australia's third-largest services trading partner, with Australian service exports valued at $5.5 billion and imports totalling $9.2 billion in the same year.
