SYDNEY, March 24 - The EU and Australia finalised a long-awaited free trade deal on Tuesday as Europe seeks to diversify its export markets and expand ties beyond its traditional partners.

Here are the highlights of the agreement:

AGRICULTURE

Tariffs will go down to zero from day one for key EU export products such as wine and sparkling wine, some fruit and vegetables, including preparations and fruit juices, chocolate, sugar, confectionery and ice cream and many processed agricultural products.

Tariffs on EU cheese will go down to zero over three years.

The EU will also remove tariffs on most Australian agricultural products including wine, nuts, fruit and vegetables, honey, olive oil, most dairy products, wheat, barley and seafood.

Australian beef, sheep meat, sugar, rice, wheat gluten, skimmed milk powder and natural butter will get either new or expanded tariff rate quota volumes.

PROTECTED EUROPEAN PRODUCTS

Under the agreement some EU 'geographical indications' names for products such as Pecorino Romano or Ouzo, will be fully protected after a relatively short phasing-out period.