The TPP deal between Australia and 11 other Pacific Rim countries, including the US, Canada and Japan, comes after more than five years of negotiations.

Mr Joyce said the agreement was a "significant step" in advancing the interests of Australia's agriculture, food, fisheries and forestry producers in some of the world's largest markets.

“The TPP provides significant advantages for Australian agriculture, with major improvements to access for beef, dairy, grains, cotton, sugar, horticulture, rice, seafood and wine across 11 countries, five of which are Australia’s top 10 trading partners,” he said.

“We currently export approximately $15 billion—or around 33 per cent—of agricultural products to TPP countries, with many of our products currently facing high tariffs that add to the cost of exports. 

"The TPP will eliminate tariffs on more than $4.3 billion worth of exports of Australian agricultural products.

“Reduced tariffs and improved access to TPP countries will be available for beef, sheep meat, pork, livestock, dairy, wine, seafood, wool, cotton, grains and a range of horticultural products."

Mr Joyce said the Coalition government understood that exports underpin Australian primary producers' prosperity and was working to give them the "best possible" trade opportunities.

“Australian wine exports will see elimination of Canada’s tariffs upon entry into force, Malaysian tariffs within 15 years, Vietnamese tariffs within 11 years and Mexican tariffs within three years.

“The government has negotiated improved access for Australian sugar to the United States, the first improvement in sugar access to the US market in 20 years.

“For Australian beef exports, we will see Japan’s beef tariffs reduced to nine per cent within 15 years of entry into force of the TPP, and elimination of the US price-based safeguard under the Australia-United States Free Trade Agreement on entry into force.