Free trade agreements with the United Kingdom and India will pave the way for farmers to face fewer taxes on their goods.
The agreement between Canberra and London will scrap almost all taxes on Australian products entering Britain, including meat, dairy, sugar and wine.
Taxes on 90 per cent of Australian goods exported to India including meat, wool, cotton, seafood, nuts and avocados will also be removed.
The agreements were passed by parliament on Tuesday.
Trade Minister Don Farrell said the agreements marked an ambitious chapter with the passing of the bills before Christmas enabling them to come into force as soon as possible.
"Trade agreements with India and the United Kingdom will assist Australia to reach its full economic potential.," he told the Senate on Tuesday.
"More trade, not less, is a key part of how we build the economic future we want in Australia with secure high-paying jobs."
Senator Farrell said the agreement with India provides the opportunity for a second tranche of trade negotiations for greater access to a market of 1.4 billion people.
"A trade agreement with India will give Australian exporters a competitive advantage in the Indian market," he said.
Prime Minister Anthony Albanese intends to lead a trade and business delegation to India early next year.
Senior Liberal senator Simon Birmingham said the agreements created "a vibrant network ... to enable Australian businesses to succeed in the world".
"These agreements demonstrate the ambition and capacity that we had to mark change," he said, referencing the former coalition government.
The former minister said the Indian agreement aimed to lift the nation into Australia's top three export markets by 2025.
He also branded the UK agreement Australia's most comprehensive trade treaty outside of New Zealand.
The agreements won't automatically come into effect once they pass the Australian parliament, with both needing to be ratified by the respective partner nations.
The UK's legislation is currently before a parliamentary committee with no outlined reporting date.
It is set to come into effect by early 2023 at the latest.
Senator Farrell also used a meeting with World Trade Organisation director-general Ngozi Okonjo-Iweala on Tuesday to announce an additional $5 million over four years for developing nations.
The funds will help the least developed nations realise the benefits of WTO membership.
An additional $3 million will also go towards legal advice and training for developing nations to comply with their trade obligations.
"The strength of Australia's economy relies on an open global trading system," Senator Farrell said.
