(NAFB) – Australia and Britain signed a free trade agreement late last week that will eliminate almost all tariffs between the two countries.

The Associated Press says the deal gets rid of 99 percent of all taxes on exports. That will save Australia approximately $10 billion on exports like lamb, beef, sugar, and dairy. Britain is expected to save around $144 million a year on items such as cars, whisky, and cosmetics. Australia’s agricultural exporters also will get better access to the British market and $29 million a year of tariffs will get removed on Australian wines entering the United Kingdom.

In announcing the deal, which takes effect in 2022, the nations say it will grow investments and help with the recovery from COVID-19.

In making the announcement, the countries said, “Our economies will be able to operate seamlessly again. The experiences and opportunities that Australians and young Brits will be able to get through this initiative are fantastic.”