After India-Australia landed a trade agreement Tuesday, Union minister Piyush Goyal, calling it a “landmark” moment for both nations, reflected on its implications at a press conference. Goyal highlighted the areas that would benefit from the deal as he underlined it being India’s first agreement of “such a kind with a developed country after a decade.”

Here are 5 key takeaways about the Ind-Aus Economic Cooperation Trade Agreement (ECTA):

1) The FTA will mark a “first” in Australian history when the country is giving away duty-free import on all the items, a step that is sure to gain Indian businesses a larger market share in Australia. Goyal said, “First time in Australia’s history, they are giving 100 per cent tariff lines with most lines on Entry Into Force and 113 lines within a period of 5 years.”

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2) The Union minister who looks over portfolios such as textile, commerce, and consumer affairs, among others also said the agreement will grow prospects of increased employment opportunities for Indians. “Visas for Indian chefs & yoga instructors along with the assurance that every child who goes from India to Australia will be given an opportunity for employment there. Stem graduates, doctoral will get a 4-year work visa in Australia. Postgraduate will get 3 years of work visa.”

3) Information technology sector is expected to gain heavily from the agreement. When the taxes would be done away with, the IT industry will witness a “quantum jump in their businesses with Australia,” Goyal remarked. On the Indian landscape, the FTA will boost the cheaper supply of raw materials in the country. “ Raw materials coming cheaper to India will help our industry. This will help us add jobs, work opportunities, and start-ups,” he added.

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4) He also said that pharmaceutical industries are also going to benefit from the deal. “The medicines which have already gone through a rigorous approval process from USA & UK will have a fast track mechanism to get approval in the Australian regulatory system.”

5) Textile, wine as well as gems, and jewellry industries will get to sell their high-value products, with increased profits under the agreement. “Initial size of bilateral trade between India-Australia Economic Cooperation Trade Agreement (IndAus ECTA) can go up to around $50 billion in the next 5-6 years,” Goyal said as he underscored its significance in taking the country’s goods and services to the global markets which is “a big recognition of India’s growing stature & capabilities.”

The Australian parliament cleared the bills related to the agreement on Tuesday, the news of which was shared by Australian Prime Minister Anthony Albanese in a tweet.

(With inputs from ANI)