KAFTA boon for agriculture exporters

Australian farmers will be able to reap what the federal government has sown with a double dose of tariff cuts on their exports to South Korea.

Australia's free trade agreement with its fourth-largest trading partner comes into force on Friday.

Farmers are the biggest winners from the deal and some will gain from an immediate tariff cut on Friday, followed by a second on January 1.

Beef exporters who've copped a 40 per cent tariff will see that drop to 37.3 per cent on Friday and then to 34.7 per cent within weeks.

Tariffs on sugar, wine and wheat will cease entirely on Friday.

Exporters of oranges will also benefit from a major drop in duties - from 50 per cent to 35.7 per cent by January.

Agriculture Minister Barnaby Joyce says the deal's early entry into force will allow agricultural exporters to compete with US counterparts.

He acknowledged not all sectors had lucked out, such as rice.

"While some commodities are excluded, this agreement represents the best outcome we could achieve at this time and we look forward to our new relationship prospering," Mr Joyce said in a statement.

Once the full rollout is complete, tariffs will be eliminated for 98 per cent of agriculture exports.

Under the deal, Korean companies can only buy Australian farmland worth up to $15 million without regulatory scrutiny.

COMMODITIES TO BENEFIT:

BEEF

Currently 40 per cent, December 12 37.3 per cent, January 1 34.7 per cent, tariff eliminated over 15 years.

SHEEP MEAT

Currently 22.5 per cent, December 12 20.25 per cent, January 1 18 per cent, tariff eliminated over 10 years.

CHERRIES

Currently 24 per cent, December 12 and beyond zero.

WINE

Currently 15 per cent, December 12 and beyond zero.

WHEAT

Currently 1.8 per cent, December 12 and beyond zero.

MACADAMIA NUTS

Currently 30 per cent, December 12 24 per cent, January 1 18 per cent, tariff eliminated over 5 years.