CANBERRA, June 15 (Xinhua) -- Australia and Britain have agreed on a historic free trade agreement (FTA).
According to the Australian media on Tuesday, Prime Minister Scott Morrison and his British counterpart Boris Johnson committed to an in-principle agreement on the landmark trade deal over a three-hour dinner in London on Monday night.
The FTA is the Britain's first major trade agreement since it left the European Union (EU) in 2020.
Pending parliamentary approval from both sides, it is likely to be in force from July 2022.
Australian Trade Minister Dan Tehan said the deal would give Britain market access to "high quality, well-priced Australian products."
"Since we came to office, we have finalized eight FTAs and we want to add to that list," Tehan was quoted by The Australian as saying.
Australia and Britain formally launched negotiations for the FTA in June 2020.
Tehan and his British counterpart Liz Truss hailed a significant breakthrough in April, but talks stalled again after the British agriculture sector pushed back against tariff-free access to its market for Australian red meat exporters.
With the dispute resolved, Australian Treasurer Josh Frydenberg said the deal would benefit both countries.
"Now after Brexit it's really important for both countries to seize this opportunity and put together a deal that will be mutually beneficial," he said.