Prime Minister Anthony Albanese said the deal will make it easier for both Australians and British citizens to obtain work in either country.
"That will provide for better career opportunities than just casual work if you can go into a workplace for three years," he said.
"There are obvious benefits where people can get that experience here in the British economy and then I hope go back to Australia and make a greater contribution as a result of that experience."
The deal, agreed upon by the two nations over a year ago will also see tariffs removed on Australian beef, dairy, honey, lamb, sugar and wine – totalling to more than 99 per cent of Australian exports to the UK.
In return, takes on all UK goods including cars and whisky, will be removed when imported to Australia.
Tariff quotas will also be removed within a decade.
Mr Albanese said the agreement was “one of the best fair trade agreements that Australia has done.”
"What it will mean, put simply, is more access to the market here [in the UK] for our goods and services,” he said.
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