A historic breakthrough in global trade negotiations will see $15 billion worth of agricultural export subsidies abolished around the world, boosting the competitiveness of Australian farmers immediately.
The deal is being hailed as the "most significant outcome on agriculture" in the World Trade Organisation's 20-year history, and one that re-establishes the WTO as the pre-eminent global trade body.
Trade Minister Andrew Robb (inset) has hailed the agreement as a "major win" for Australian farmers, who are already are among the least subsidised in the world. 
The Australian Farmers Federation has welcomed the deal, saying it caps off a remarkable 12 to 18 months in Australian trade history, and for Trade Minister Robb.
"We have had three bilateral agreements, the Trans Pacific Partnership [yet to be ratified], and now a commitment to remove agricultural subsidies in a multilateral arena," National Farmers' Federation president Brent Finlay said.
"The burgeoning demand for premium Australian agricultural product coupled with these great advances in trade policy will help our sector grow and to contribute even more significantly to the national economy and greater society."
The WTO's 163 members agreed on the weekend, in a ministerial meeting in Kenya, to abolish all government subsidies to farmers, saying subsidies have a distortionary effect on global need and they need to be removed.
The deal will see the immediate removal of farmer subsidies by developed members, with developing countries to follow by 2018.
Export subsidies will now be phased out for agricultural commodities including sugar, beef, pork, lamb, dairy, wheat, rice, wine, fruit, vegetables, processed foods and cotton.
A report by the Organisation for Economic Co-operation and Development in 2013 showed that Australian farmers have the second-lowest government support in the OECD, behind New Zealand.
Australia's "producer support estimate" - which measures the total subsidies that farmers get from government as a percentage of farm revenue - is about 3 per cent. The OECD average is 19 per cent.
An OECD report from 2011 found that over the 2008-10 period, New Zealand had the lowest level of support to farm receipts, at just 1 per cent of farm income, followed by Australia (3 per cent), and Chile (4 per cent). The United States (9 per cent), Israel and Mexico (12 per cent), and Canada (16 per cent) were also below the OECD average.
Support to farmers was relatively high in Korea (47 per cent), Iceland (48 per cent), Japan (49 per cent), Switzerland (56 per cent) and Norway (60 per cent), it found.
Mr Robb said export subsidies had threatened the livelihoods of Australian farmers, and their abolition will "permanently remove a long-standing source of distortion in global agricultural markets".
"It complements the gains already delivered through the trifecta of free-trade agreements with Korea, Japan and China, and will build on benefits from the Trans Pacific Partnership when it is implemented," he said.
Roberto AzevÃªdo, WTO Director-General, said the decision to eliminate subsidies for farm exports was the "most significant outcome on agriculture" in the past 20 years.
"WTO members, especially developing countries, have consistently demanded action on this issue due to the enormous distorting potential of these subsidies for domestic production and trade," Mr AzevÃªdo said. "Today's decision tackles the issue once and for all."
Australia is a competitive net agricultural exporter, with about two-thirds of total production exported. In 2012-13, agricultural exports accounted for 15.5 per cent of Australian merchandise exports. In the 2014 calendar year, agricultural exports were worth $44.3 billion, according to the Department of Foreign Affairs and Trade.
The impact of the decision on Australia will vary depending on the product and market.