“As the first trade deal the UK has struck post-Brexit, this agreement puts Australian exporters at the front of the pack to access the UK market – one of the largest in the world,” ACCI chief executive Andrew McKellar said.

“The UK trade agreement represents a real opportunity for Australian producers. Tariffs on over 99 per cent of the $9.2 billion Australian goods exported to the UK annually will be eliminated under this deal.

“Business has played an important role in the development of this agreement and welcomes the opportunities this partnership provides, not just in the exchange of goods and services, but also in enhancing labour market access between the two countries.”

The Australia-UK FTA is expected to deliver a significant boost in two-way trade that is now worth $10 billion a year for goods and $12 billion for services.

“This free trade partnership between our two countries will work to further cement our strong and growing relationship with the UK. We urge Australian businesses to take advantage of its benefits at the earliest opportunity,” Mr McKellar added.

“We applaud the federal government for advancing opportunities for exporters, unlocking new investment, and positioning Australia for a prosperous future.