Australian sugar, beef and dairy farmers are expected to be among the biggest winners from a free trade deal to be struck with Peru on Friday.
Prime Minister Malcolm Turnbull will seal the trade pact on the sidelines of the Asia Pacific Economic Cooperation (APEC) summit in Vietnam.
The agreement - the fastest Australia has ever finalised after negotiations were launched in May - will eliminate 99 per cent of tariffs faced by exporters into Peru.
Mr Turnbull has described the Peru FTA as the first step towards a larger Pacific alliance, including the fast-growing Latin American economies of Chile, Colombia and Mexico.
He will undoubtedly hold the prized deal aloft in coming days as he urges world leaders in Da Nang to embrace well regulated open markets over protectionism.
"The equation is simple: more trade means more jobs exports; more exports means more jobs, higher wages and better incomes," Mr Turnbull said before inking the deal.
Tensions over trade expose a key point of difference between the prime minister and protectionist United States president Donald Trump, who is attending the summit.
Mr Turnbull will be pushing for an 11-nation Trans-Pacific Partnership to be sealed at APEC, after America pulled out of the pact.
He must also navigate a delicate course through trade tensions of two major global powers - China, with its assertive state capitalism, and anti-trade populism in the US.
The Peru deal will allow for 30,000 tonnes of Australian sugar to be exported duty free, with the amount set to double in five years and triple in 18 years.
Officials say the agreement - considered relatively modest by cane growers - is more than any other sugar exporter has achieved in the past 20 years.
Australian beef farmers will have tariff-free access within five years, putting them on par with US producers, with Peru forecast to triple its beef consumption by 2020.
Tariffs on Australian lamb, seafood, wheat and wines will be scrapped once the deal comes into force and dairy, rice and sorghum farmers granted greater access to Peru.
Tariffs on Australian minerals including iron ore, copper, nickel and coal will also be eliminated.
Peruvian students will be able to attend university in Australia and have their degrees recognised back home.
Trade Minister Steven Ciobo, who is also at the APEC summit, said high tariffs had effectively locked Australian farmers out of Peru.
"This agreement has virtually eliminated them, putting Aussie exporters in pole position to capitalise on this growing market," Mr Ciobo said.
Australian farmers, meat producers, wine makers and cane growers have heaped praise on the deal.
Australia and Peru will now seek approval from their respective parliaments before the agreement is set in stone.
Sugar: Duty free access for 30,000 tonnes of sugar into Peru, growing to 60,000 tonnes in five years and 90,000 tonnes in 18 years.
Beef: Tariffs of up to 17 per cent will be eliminated within five years (at the same time as US farmers).
Dairy: Duty free access for 7000 tonnes of dairy products into Peru, growing to 10,000 tonnes in five years.
Education: Peru will recognise Australian tertiary degrees and Australian universities, international schools and education providers will be able to open Peruvian campuses.
Commodities: Tariffs on Australian minerals including iron ore, copper, nickel and coal will be scrapped.