The free trade deal struck between Australia and Japan will improve prosperity for both nations, said Prime Minister Tony Abbott.

The agreement was seven years in the making with Abbott describing the deal as “historic and momentous”.

So who are the winners and losers of the deal?

Winners

Winners in the agriculture sector include producers of beef, cheese, horticulture and wine.

Beef is the biggest winner. Trade and Investment Minister Andrew Robb says the deal has the potential to add $2.8 billion to industry.

According to the Business Insider Australia’s largest agricultural export to Japan the $1.4 billion beef export industry – seems to be the biggest winner, with tariffs on frozen beef, halved over the next 15 years (2029), from 38.5 per cent to 19.5 per cent.

There’s an eight per cent cut in first year, then two per cent the second year and one per cent in the third.

The tariff on fresh beef will drop to 23.5 per cent over 18 years (2032). The tariff will be cut by six per cent in the first year, followed by two annual one per cent cuts.

Australian consumers are also winners in the deal. Car buyers are expected to save $1500 as the tariff on imported cars will go.

Australians buy more cars from Japan than any other country – with one third of the new cars we buy from Japan. Savings are expected to be passed on to full to consumers.

Tariffs on household appliances and electronics will also be lifted. They will become five per cent cheaper in Australia.

Manufacturers of canned goods have had their tariffs lifted.

Canned products such as tomatoes, peaches and pears, plus fruit and vegetable juices, will no longer attract tariffs.

And tariffs on bottled, sparkling and bulk wine will be eliminated over seven years.

The Japanese appetite for Australian seafood is likely to continue with favourable conditions for producers. Tariffs on shrimps and prawns, rock lobsters, abalone (fresh or preserved), oysters, crabs, yellowfin tuna, toothfish, sea urchins and fish oils and southern bluefin tuna will be eliminated.

Losers

Not all producers were happy with the deal.

Rice was excluded from the agreement – and sugar manufacturers are also dissatisfied.

Rice tariffs are as high as 780 per cent – as Japanese growers “jealously guard” their product according to ABC Radio.

Tony Abbott is now on his way to Seoul to sign another agreement with Korea. He now has his sights set on a similar deal with China.