A trade deal between the UK and Australia was agreed Tuesday between Prime Minister Boris Johnson and his counterpart, Scott Morrison.
Downing Street said the new pact meant British products such as cars, Scotch whisky, biscuits and ceramics would be cheaper to sell to Australia, the BBC reported Tuesday.
But British farmers are angry, it said.
The agreement is the first trade deal to be built from scratch since the UK left the EU. It is seen as an important step toward the UK joining a wider Asia Pacific free-trade agreement, according to the BBC report.
"Today marks a new dawn in the UK's relationship with Australia, underpinned by our shared history and common values," Johnson said in a public statement:
"Our new free trade agreement opens fantastic opportunities for British businesses and consumers, as well as young people wanting the chance to work and live on the other side of the world.
"This is global Britain at its best - looking outwards and striking deals that deepen our alliances and help ensure every part of the country builds back better from the pandemic."
Johnson and Australian Prime Minister Scott Morrison informally agreed the post-Brexit accord over dinner Monday at Downing Street.
"The deal is a win for jobs, businesses, free trade and underscores what two liberal democracies can attain while working together," a Morrison representative told CNN Business, adding the countries aim to finalize the deal by November and enact it by July next year.
The trade agreement is also expected to trim levies on farm produce, a point of contention that had triggered a backlash from Britain's agriculture sector.
Industry leaders are concerned about compromises on food regulations, while farmers are worried they could be undercut by cheaper imports, The Independent said.
Australian farmers can grow beef cheaper and could undercut farmers in the UK, according to the National Farmers Union.
Brexit created uncertainty for Britain and increased fears about how well the government would do deals with its most critical trading partners, or risk facing massive trade barriers, CNN said.
Australia is the UK's 20th-biggest trading partner worldwide and trade with it made up 1.2% of Britain's total trade last year.
