Commerce and Industry Minister Piyush Goyal on Tuesday termed the passage of implementing legislation of Australia-India Economic Cooperation and Trade Agreement in Australian Parliament as a significant moment for India-Australia bilateral ties. Briefing media in New Delhi on Tuesday, Mr. Goyal said the move is a big recognition of India's growing global stature. He said Indian IT industry, students and many labour intensive sectors will soon reap the benefits of this landmark deal. He complimented Prime Minister Narendra Modi for the relations he has maintained bilaterally with both the political formulations of Australia. He said Prime Minister's direction to the negotiators was that the agreement has to be good for businesses and people of both the countries.<br />'' <br />'' Mr. Goyal further stated that the agreement opens up significant new opportunities across sectors for Indian businesses. He added that India's Textiles and Gem and Jewellery sectors have been keenly waiting for the agreement to be able to sell to high-income earners in Australia. He also said that the agreement gives the Indian Pharma Industry a big boost and medicines which have gone through rigorous approval process by US and UK will now have fast-tracked mechanism to get approval in the Australian Regulatory system.