The long awaited Free Trade Agreement with the United Kingdom is good news for Australian farmers.
It will cut tariffs and increase quotas on a range of Australian exports and make it easier for young people to move between the two countries for work.
In 2022, the UK was Australia's 15th-largest goods trading partner, with two-way trade valued at $10 billion.
That is set to grow, with the FTA eliminating tariffs on over 99 per cent of Australian goods going to the UK, including wine, rice, honey, most seafood, processed foods, nuts, fruit and vegetables.
It includes bigger quotas and tariff reductions for beef, sheep meat, sugar, wheat and dairy.
The deal also ramps up cooperation on biosecurity, animal welfare and antimicrobial resistance, while Australian consumers will benefit from the elimination of tariffs on cars, whisky and other UK exports.
Wine makers will save millions
Australian Grape and Wine chief executive Lee McLean said the FTA would not be a silver bullet for wine makers struggling with a glut of grapes, but it would give Australia an advantage over other countries.
"We've now got a better set of arrangements than many of the South American nations," he said.
The current tariffs on wine going into the UK were not steep, but because it was a big market it could be as much as $50 million, according to Mr McLean.
"We're still looking at the data now because the market conditions have changed a bit, but it is still a saving of tens of millions of dollars," he said.
Meat restrictions winding back
Beef tariffs will be eliminated after ten years.
During the transition period, Australia will have immediate access to a duty-free quota of 35,000 tonnes, rising to 110,000 tonnes over ten years.
Tariffs on sheep meat will also be eliminated after a decade and quotas increased.
Andrew McDonald from Meat and Livestock Australia (MLA) said the FTA would be a massive incentive for businesses but it would not provide an immediate "sugar hit".
"It will take time for consumers in the UK to understand what in the Australian range of production is best to their liking," he said.
He thinks Australian products could start appearing in shops and restaurant soon and he is hoping they enjoy "a lamb chop, an Aussie steak on the barbecue and hopefully goat curry as well."
Great news for seafood
The seafood sector in Australia is forecasting a big increase in exports to the UK.
Tariffs of more than 12 per cent will be dropped and quotas will expand over the next decade.
Seafood Industry Australia chief executive Veronica Papacosta said tariffs on lobster and fin fish like salmon, barramundi and coral trout would go to zero from May 31.
"It's great news for the industry," she said.
The UK has not been a big market for Australian seafood, but the new agreement could see that grow.
"We know that in the UK, Australian seafood is well regarded, that it's in demand, but we'll have to wait and see how freight costs settle post pandemic," Ms Papacosta.
Working rules relaxed
The FTA includes a stronger commitment to improving access for workers and waives the requirement for labour-market testing on businesses wanting to employ people from the UK.
It also increases the age limit for working holiday visas to 35 years and extends the time people can stay to five years — something farmers hope will increase the number of people coming to Australia for seasonal work.
Now the Australia-UK FTA is sorted, the National Farmers Federation wants the Australian government to ensure there is a good deal for farmers in the FTA being negotiated with the European Union.
The areas of dispute include access to markets, the long-running battle over geographical indications and the naming of many key products like "prosecco" and "feta".
