A slew of opportunities have opened for India with the new agreement that has been signed with Australia, Union minister Piyush Goyal said on Saturday as the two countries hailed the trade pact. Goyal signed The India-Australia Economic Cooperation and Trade Agreement (“IndAus ECTA”) with Australia minister Dan Tehan at a virtual event that was also attended by Prime Minister Narendra Modi and his Australian counterpart Scott Morrison.

The trade agreement "will raise standard of living in both the countries, help raise prosperity to our people and enhance the welfare of our people," Goyal told reporters. "By initial estimates, we expect 1 million jobs to be created in the next four to five years. In an expansion of bilateral ties, India has offered access in several sectors to Australia and likewise, this has been fairly reciprocated by Australia. A number of opportunities will open for yoga chefs and instructors in the years to come. Visas for students are also a part of this agreement," Piyush Goyal said on Saturday.