During his visit to Britain, Australian Prime Minister Anthony Albanese announced May 31 as the start date for the trade deal.
Under the agreement, 99 percent of Australian goods will enter Britain duty free.
After five years, all British imports will enter Australia duty free, "helping ease cost-of-living pressures for households and input costs for Australian business", according to a media release from the Australian side on Friday.
It is expected to deliver a long-term boost to two-way trade between the countries, which was worth 21.7 billion Australian dollars (about 14.5 billion U.S. dollars) in 2021.
In addition to erasing most tariffs, the FTA will remove red tape and liberalize working visas.
The deal also includes commitments on the environment, including climate change, and labor.
Digital trade rules under the agreement will "provide greater certainty" and facilitate trade for businesses.
"This agreement will deliver significant benefits to Australian exporters, consumers, workers, and our economy more broadly," Albanese said.
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