Mr Morrison described the agreement as the most comprehensive and ambitious agreement Australia has reached to date.
“This is a foundational partnership for Australia as it is for the UK. Everything else we do stems from that relationship,” he said.
“Our cooperation on defence, on strategic issues, on science and research and in dealing with technology challenges to combat climate change, and indeed the economic relationship, our economies are stronger by these agreements.
“The only one which comes into close connection with that is the arrangement we have with New Zealand.”
This is the UK’s first major trade deal since Brexit and paves the way for more Australians to live and work in Britain, once international borders reopen.
The agreement will also open new export opportunities for farmers, providing an opportunity to diversify away from the volatile Chinese market.
Under the agreement, Brits under the age of 35 will be able to travel and work in Australia more freely without the strict conditions of also working on Australian farms during their stay.
Mr Morrison said the exact number of additional Australians who will be able to live and work in the UK as a result of the deal will be demand driven.
“It is very easy arrangement prior to COVID, with the way that visas are issued, going between both countries,” he said.
“There is a great opportunity, though, for young people from both UK and Australia to move and operate in different countries.”
Mr Johnson said the agreement marks a new dawn in the UK’s relationship with Australia.
“You give us Tim Tams, we give you Penguins,” he said, jokingly.
“You give us Vegemite and we give you Marmite. We give you Burberry mackintoshes, and you give us RM Williams.”
“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.”
The free trade deal will eliminate tariffs on Australian favourites like Jacob’s Creek and Hardys wines, swimwear and confectionery, boosting choice for British consumers and saving households up to £34 million ($62,000) a year.
Earlier today Treasurer Josh Frydenberg said both nations will benefit from the deal.
“Now after Brexit it’s really important for both countries to seize this opportunity and put together a deal that will be mutually beneficial,” Mr Frydenberg said.
The details of the arrangement will be announced on Tuesday night (AEST time), but it’s understood to include a revamp of visa requirements to make it easier for professionals and young travellers.
One of the sticking points has been a condition on British backpackers to complete 88 days of farm work as part of their working holiday visa, which the UK has been pushing to scrap.
The issue has rung alarm bells for Nationals MP’s, who warn the move would exacerbate a shortfall of farm workers.
In response, Agriculture Minister David Littleproud has secured a commitment from the Prime Minister to fill any gap that arises.
“The National Party has made sure that if we are to give concessions, we need to look for other mechanisms in which to make up the shortfall, and the prime minister and Liberal Party have given us that undertaking,” Minister Littleproud told 9News.