The free trade deal between Australia and the UK has major exporters excited.
The British high commissioner, Vicki Treadell, on Tuesday handed over the UK’s diplomatic note confirming the completion of the UK’s domestic procedures for entry into force of the trade agreement.
As of Wednesday, more than 99% of Australian products will enter the UK duty-free.
The UK is Australia’s 12th largest trading partner, with two-way goods trade worth $10bn in 2022, and two-way services trade worth $4.4bn in 2021-22.
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It is also Australia’s second-largest source of foreign direct investment, amounting to more than $1tn in 2022.
The Australian assistant trade minister, Tim Ayres, said the deal would provide more opportunity for exporters, firms and workers.
“They are one of our oldest friends of course, the United Kingdom, but this is a new chapter in the economic relationship and it means means new opportunities for Australian businesses,” he told ABC News Breakfast.
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“It’s been broadly welcomed by the agriculture sector in particular [and has been] a big step forward ... we keep working through the project of expanding Australia’s access to global markets.”
Australian producers of wine, beef, sheep meat, grains, rice, sugar and dairy products will benefit from duty-free quotas or tariff elimination.
Manufactured products such as auto parts and electrical equipment, as well as cosmetic products, will also receive a boost through the immediate elimination of UK tariffs.
British products including cars, whisky, confectionery, biscuits and cosmetics coming into Australia are expected to be cheaper.
And, as of 31 January, more Australians will be able to apply for working holidays in the UK and stay for longer.
The trade minister, Don Farrell, said it was a major step in diversifying trade. “When trade flows freely, the benefits are felt across virtually all aspects of everyday life,” he said.
“More trade means more well-paying jobs, more national income, more opportunities for business and a lower cost of living.”
The UK prime minister, Rishi Sunak, described the trade deal as “an enormous opportunity for our citizens and our businesses” when he met with the Australian prime minister, Anthony Albanese, in London this month.