India and Australia will far exceed initial expectations and raise their bilateral trade of goods and services to $100 billion by 2030 from about $27.5 billion in 2021, taking advantage of the trade deal that was signed last week, commerce and industry minister Piyush Goyal said on Wednesday.

The India Australia Economic Cooperation and Trade Agreement (ECTA) initially targeted to help increase bilateral trade to $50 billion in five years. Goyal was speaking at the University of Melbourne; he was accompanied by his Australian counterpart Dan Tehan.

The ECTA promises preferential access to all Indian goods in five years (from 96.4% immediately after the pact comes into effect) and 85% of Australian products (from 70% to start with) to each other’s market. Indian yoga instructors, chefs, students and STEM (Science, Technology, Engineering and Mathematics) graduates will have easier access to Australia while premium wine from that country will make greater inroads into Indian supermarkets once the ECTA comes into force.

Calling on Australian businesses to invest with renewed vigour in India, Goyal, who is on a visit to Australia, said the ECTA provides huge opportunities to both the sides to expand their operations. He also highlighted the complementarities that can benefit both the countries.

He said the signing of the trade deal could have been done much earlier, given the decades-old relations between the two countries, but it’s “better late than never”.

“Together this marriage can truly have far reaching dimensions for both our economies and, if I dare say, for the rest of the world also where we can collectively engage and have an outreach to other parts of the world,” he said.

Addressing Australian business, the minister said: “We offer you transparency. We offer you our trust, rule of law. We are two democratic nations, two people who love sports, both are members of the Commonwealth.”

Goyal said there is a huge potential in areas like textiles, pharma, hospitality, gems and jewellery, IT, start-ups, and accountancy, which need to be tapped by both the countries.

Highlighting the decision of both the countries to allow preferential access to most goods and services, Goyal said: “Let’s see some more Tasmania lobsters in New Delhi possibly, or wine from South Australia coming down into Indian shelves. We will probably have a lot more Bangaloreans coming down to Melbourne to serve you in your IT space, we’ll have a lot more jewellers from Prime Minister’s home state of Gujarat…. I hope this partnership will grow and we will all grow along with this partnership.”

He also lauded Australia’s decision to amend its domestic law to stop taxing offshore income of Indian IT firms.