SYDNEY, March 24 (Reuters) - 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.

For some other products such as feta or gruyere, prior Australian users having used the term in a continuous manner for at least five years can retain the right to use the terms assuming that the origin of the product will be clearly labelled.

Producers who make and sell Prosecco wine in Australia will be allowed to continue doing so domestically. Exports will be stopped after 10 years.

AUTOMOBILES

Australia to fully liberalise market access for all EU passenger cars and other vehicles, with the exception of a few tariff lines on trucks, for which duties will be gradually removed over a short period.

Australia will also increase the luxury car tax threshold for EU electric vehicles to A$120,000 ($83,600). Approximately 75% of electric vehicles from the EU will be exempted from paying the luxury car tax.

CRITICAL MINERALS

EU to eliminate tariffs on imports of Australian critical minerals and hydrogen. Australia to open up investment opportunities in this sector to Europeans.

SERVICES

The deal will make it easier for EU firms to sell services in Australia, including in professional and business services, maritime transport, and financial services. The agreement will reduce and eliminate discrimination and expand opportunities for EU and Australian service providers and investors.

INVESTMENTS

EU investors to receive the most favourable treatment accorded to any foreign investor in Australia, and in most cases to be treated in the same way as Australian investors. Both EU and Australian investors will be able to establish their companies and operate them freely, in each other's territories.

($1 = 1.4255 Australian dollars)