The FTA will be formally announced by Trade Minister Dan Tehan and UK High Commissioner Vicki Treadell in Adelaide on Friday.

The deal will abolish taxes on 99 per cent of Australian exports worth $10 billion and UK imports worth $200 million.

The maximum age that people from both countries can apply for working holiday visas of up to three years will be between 30 to 35 years.

It will also give Australian agricultural exporters better access to the UK market and help the Australian wine industry, with more than $40 million of tariffs removed for bottles entering the UK.

Around $725 million worth of farming products like beef, sugar and dairy will not have a duty imposed.

Tehan says it’s the most comprehensive and ambitious deal with the UK outside of New Zealand.

“It will strengthen the deep connection between our peoples, with Australians now having similar access to Britain as European nationals, and British nationals having access to Australia similar to our best free trade agreements,” he wrote in an opinion piece published in The Australian on Friday.

“The Australia-UK FTA is an example to the world that embracing free trade is the best way out of the pandemic.”

The in-principle deal between the two nations was unveiled in June this year, following months of negotiations.

The initial text of the agreement included a request by Britain to enter a trade pact known as the CPTPP between 11 countries including Australia, Canada, Japan and New Zealand.

There were five rounds of negotiations between delegates over the course of a year before the in-principle agreement was reached in June.

The UK is Australia’s eighth largest two-way trading partner worth almost $27 billion in 2018.

It is also Australia’s third-largest services trading partner, with Australian service exports valued at $5.5 billion and imports totalling $9.2 billion in the same year.