Britain and Australia announced the broad outlines of a free trade deal Tuesday, eliminating tariffs on a wide range of goods, AP reports.

The pact is expected to boost exports of traditional British products such as Scotch whisky, while boosting imports of lamb and wine from Australia. Crucially for Britain, it will also reduce barriers to trade in financial and other services. The U.K. hopes the deal will help it join the trans-Pacific trade partnership, which would open the door to increased trade throughout the Asia-Pacific region.

It is the first trade deal Britain has negotiated from scratch since it left the EU. 

British Prime Minister Boris Johnson appeared outside his Downing Street office with his Australian counterpart Scott Morrison on Tuesday, to highlight the benefits each country would receive from the deal.

“This is an ambitious free trade agreement,'' Morrison told reporters.