The Fiji-Australia Business Council has welcomed the full restoration of diplomatic relations between the two countries, saying it represents a new dawn.
In a joint announcement on Friday, Australia lifted all remaining sanctions against Fiji, as well as announcing that the two countries would exchange High Commissioners following September's election.
The council's vice president, Rajeshwar Singh, says the door has now been opened to step up trade between the two countries.
However, he says there needs to be easier access for Fiji into the Australian market.
"We would like to export more. Also, labour mobility, which is another big thing for us so Fijians can go across and work in industries in Australia, and also we are inviting investors in Australia to actually come and invest."
Rajeshwar Singh says while the economy is performing strongly, work still needs to be done to increase investor confidence in Fiji.