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It will allow duty-free access to 96 percent of India's exports to Australia, including shipments from critical industries such as engineering, gems and jewellery, textiles, apparel, and leather. According to government projections, the deal will increase bilateral product and service trade to $45-50 billion in the next five years, up from roughly $27 billion presently, and will create over one million jobs in India. Around 85% of Australia's exports will be duty-free in India, including coal and wool, while Australian wines, lentils, and fruits will face higher duties. Zero-duty access for Indian goods would be expanded to 100 percent over the next five years.

India has inked its first Free Trade Agreement (FTA) with a large developed country in more than a decade. India inked a free trade agreement with the United Arab Emirates in February, while talks with Israel, Canada, the United Kingdom, and the European Union are now underway. The accord will increase bilateral trade to $45-50 billion in five years and create over one million jobs in India. India's product and service exports to Australia are predicted to increase from $10.5 billion in FY2021, to $20 billion in FY2027 and $35 billion in FY2035.

Australia has also agreed to alter local tax legislation to minimise double taxation of Indian IT companies that provide technical services to the country, eliminating a long-standing concern for Indian IT companies.

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