However, to call it a "free trade" agreement is slightly inaccurate because while some goods will be quota and tariff-free, others will still have significant barriers to Japanese markets.

Beef, for example, is cited as a big winner with a projected $5.5 billion boost to Australia's beef industry over two decades.

However, there will still be a tariff on frozen beef at 19.5 per cent and 23.5 per cent on fresh beef at the end of that period.

The dairy industry is less impressed with only a projected $11.6 million boost by 2031 for cheese exports but milk products, which could potentially advantage Fonterra in Tasmania, will be duty-free immediately.

Less easier to quantify but apparently huge for Australia is unfettered access to service delivery in Japan - the huge Japanese markets for education, legal, finance and health services in which Australia excels.

On the flip side, the 5 per cent tariff in Japanese cars and electronics will be abolished, making these products more affordable in Australia.

So why was this such a major victory for Tony Abbott and his trade negotiator, Andrew Robb?

Japan is the the world's third- biggest market and negotiations for a trade deal have been simmering for more than seven years.

The fact that the Abbott government has been able to finalise the deal, and build a significant trade and diplomatic relationship with Japan in just six months, is indeed impressive.

And if Australians have any qualms about whether it was a good deal, we should look no further than former Gillard government trade minister Craig Emerson, a frequent sparring partner of the Coalition.

In Mr Emerson's words, "it was the best Australia could have achieved".

With South Korea and Japan signed up, Mr Abbott heads to China - an Asian trade trifecta would deliver a major long-term stimulus that Australia has only ever dreamed about.