THE AUSTRALIA-United Kingdom Free Trade Agreement will come into effect soon, after the enabling legislation in the UK received Royal Assent.

The agreement will enter into force after UK processes are complete and Australia and the UK exchange diplomatic notes identifying a commencement date.

The Australian legislation is already in place, having passed Parliament on 22 November last year.

The Australian government welcomed the announcement that the UK legislation had received Royal Assent.

The government said the pact was a “historic agreement”. It is the UK’s first new trade deal signed since Brexit.

The agreement will remove tariffs on more than 99% of the $9.2 billion of Australian goods exported to the UK annually. It will help revitalise local manufacturing and provide new access to the UK’s government procurement market worth an estimated half a trillion dollars annually, according to the Australian government.

Prime Minister Anthony Albanese said: “Our exporters are operating in an increasingly contested and unpredictable environment – the Australia-United Kingdom Free Trade Agreement is an unparalleled opportunity to deepen our trade with a top five global economy.”

Minister for trade and tourism Don Farrell said Australia is ready to bring the agreement into force as soon as possible.

“We want Australian exporters, businesses, workers and consumers to reap the opportunities and benefits of more open trade with the United Kingdom,” he said.

“This trade agreement will remove unnecessary barriers to trade between our two countries and open up new markets for our world-class goods and services.”

National Farmers Federation chief executive Tony Mahar said the deal would improve access to an important market for Australian farmers.

“It will also give UK consumers the option of sustainable, high quality Australian produce on supermarket shelves to complement their existing home-grown options,” he said.

“We applaud the Australian and UK governments for reaching a deal that meaningfully reduces trade barriers, at a time when many countries are choosing to step back from trade liberalisation.

“The UK FTA sets a strong standard from which to continue negotiations with other markets as Australia continues to provide an important voice for levelling the playing field for agricultural trade.”