Federal member for Riverina Michael McCormack said the deal is worth $24.3 billion in two-way trade

The Australia-India Economic Cooperation and Trade Agreement (AI ECTA) will see tariffs eliminated on more than 85 per cent of Australian goods exported to India, valued at more than $12.6 billion a year.

A slew of industries will benefit from the deal, none more so that the sheep industry, with Sheep meat tariffs of 30 per cent eliminated and 2.5 per cent tariffs on wool also cut.

Australian wineries will also feel the benefit, as tariffs on wine will be reduced from 150 per cent to between 100 and 75 per cent, depending on the price per bottle.

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Mr McCormack said the deal will be "an absolute boon" for the Riverina.

"For Riverina farmers, for local businesses, this is something that they have wanted, needed, expected and deserved for many years," he said.

"We've finally been able to put the arrangements in place such that it's going to increase our two-way trade between the two countries significantly.

"This is just a marvellous windfall for the Riverina, both for food production and indeed for research and development, $24.3 billion of India and Australia two-way trade."

Board member of the NSW Farmers Association and Barooga farmer Chirs Stillard said the agreement is "a bit of a scatter-gun" for farmers, with some winners and some farmers left out.

"There's a few winners for horticulture, I know sheep meat has kicked a big goal ... wine, fruit vegetables, barley, oats, pulses and seeds," he said.

"Unfortunately dairy missed out and there hasn't been much change on chickpeas and wheat, which is disappointing also."

But, the deal has been a decade in the making and with India being one of the world's largest democracies and fastest growing economies, getting any trade deal is a big plus, Mr Stillard said.

"Getting access to export countries is very difficult and once that door opens we can put our world class produce into these countries ... It's a pretty significant win for our area," he said.

And the announcement is another win for Riverina farmers who have had a couple of good years without drought.

"We've had two ripping years in a row. Especially the cropping guys and the sheep meat and the cattle, and hopefully we'll have another one. Three in a row is unheard of, but let's hope it happens," he said.

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