Australian Prime Minister Anthony Albanese and European Commission head Ursula von der Leyen have unveiled the details of a new trade deal today.

This deal has been eight years in the making, and almost all EU tariffs will be lifted on Australian agricultural products such as wine, fruit and vegetables, olive oil, seafood, most dairy products and wheat and barley.

Australians will also now have access to cheaper European wine, spirits, biscuits, chocolates and pasta.

Australian correspondent Murray Olds says this deal is worth about A$10bn and will benefit both nations. 

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