The parties struck an agreement on Tuesday after years of negotiations to expand trade across a range of areas.
Australia will remove a five per cent tariff on imports of European products, which hits car makers such as BMW and Mercedes along with producers of goods such as fashion products, food and drinks.
EU tariffs will be removed on imports of a wide range of Australian goods, including critical minerals, manufactured items and many dairy products.
But farmers are among those left furious by the agreement, with some saying it delivers no commercially meaningful market access despite an increase in quotas.
After years of pushing for expanded exports, the nation's red meat industry denounced the deal, labelling it the worst free-trade agreement the nation had signed.
Trade Minister Don Farrell said the agreement would still mean expanded access to Europe for Australian red meat.
"We've got an 800 per cent increase in our access to the European market as a result of this agreement," he told ABC Radio on Wednesday.
"I'm asking the cattle industry to come on board. This is a vital moment for them.
"If we can't demonstrate to the rest of the world that Australia is capable of negotiating free and fair trade agreements, then we've got a big problem in this country."
Under the agreement, 35,000 tonnes of red meat per year will be sent to the EU, a quantity Senator Farrell said was worth billions of dollars.
National Farmers Federation president Hamish McIntyre said the deal fell well short of the amounts producers wanted.
"This is a long-term, generational agreement ... it's for 10, 20, 30, 40 years," he said.
"We have locked ourselves into very low volumes for a long period of time. That's where the great frustration is coming from."
Sheep Producers Australia chief executive Bonnie Skinner said the deal, for sheep meat, was largely unchanged from the one Australia rejected in 2023.
"The increase in access is small and, critically, it does not unlock real commercial opportunities," she said.
"For a premium market like the EU, this falls short of what was needed."
It was a different story for Australia's prosecco producers, who have been popping corks in celebration of the deal.
Despite pressure from European winemakers, Australian producers will be allowed to keep using the term "prosecco" for domestic sales, but will have to phase out the name over the next decade for exports.
Katherine Brown, a fourth-generation winemaker with Brown Brothers, toasted the deal after years of anxiously waiting for negotiations to finalise.
"It's fantastic that we've been told the prosecco name for that grape variety will retain domestically in Australia," she told AAP.
"The name will phase out for export markets, but 95 per cent of Australian prosecco is drunk in Australia anyway, so we have to look at this as a major win."
The deal gave Australian prosecco a future as growers were hesitant to plant the grape during prolonged negotiations which left the industry in limbo, Ms Brown said.
"It now gives us a really strong stance to put further investment into it, put in more prosecco vineyards and keep enjoying this amazing drop," she said.
"The fact we got to retain the name in Australia is the main part of the fight we've been fighting."
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