Australia and India have signed a "historic" new free trade deal which will boost exports by at least $45 billion.

The new agreement will strip tariffs off 96 per cent of Indian imports into Australia and 85 per cent of Australian exports, rising to 91 per cent over the next decade.

It will particularly support Australian exports of wine, wool and lobsters.

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Prime Minister Scott Morrison announced the agreement while on the campaign trail in Tasmania for one of the most marginal seats in the upcoming election.

"This agreement is an agreement that ensures that whether you're producing wool or whether you're producing crayfish or mining resources, critical minerals and rare earths," he said.

"Whether you're growing berries or avocados or cherries or beans, producing alumina."

"All of this is part of the important trade agreement that we've been able to reach with India."

Mr Morrison said the agreement is all about jobs.

"It means jobs in the regions and when the regions are successful… then all of Australia is successful," he said.

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Wine and coal will benefit most from the new deal after two years of uncertainty due to sanctions imposed by China.

Tariffs on wine will be cut immediately while tariffs on vegetables, fruit and vegetables will be gradually reduced.

Australian coal, gas, copper and critical minerals will be tariff-free.

However, Minister for Trade, Tourism and Investment Dan Tehan has pointed out that some major industries will miss out including beef and dairy, but claims the industries are supportive of this.

"Meat and livestock in Australia are very supportive of this agreement," he said.

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Federal Labor has supported the government's new agreement, saying it will enhance relations between India and Australia.

"Labor supports closer trade links with India, which is in the national and economic interests of both nations," Shadow Minister for Trade Madeleine King said.

Ms King did say she hopes the agreement is more "substantial than previous rumours and expectations" and it is signed soon.

The deal has been agreed on after more than a decade of negotiations.

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Will Smith has resigned from the motion picture academy following his Oscars night slap of Chris Rock and said he would accept any further punishment the organisation imposed.

A spokesperson for Smith issued a statement from the actor on Friday afternoon Los Angeles time.

“I will fully accept any and all consequences for my conduct. My actions at the 94th Academy Awards presentation were shocking, painful, and inexcusable,” Smith said in the statement.

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“I betrayed the trust of the Academy. I deprived other nominees and winners of their opportunity to celebrate and be celebrated for their extraordinary work,” Smith's statement said.

“I am heartbroken. I want to put the focus back on those who deserve attention for their achievements and allow the Academy to get back to the incredible work it does to support creativity and artistry in film. ”

Smith's resignation came two days after the academy met to initiate disciplinary proceedings against Smith for violations against the group’s standards of conduct.

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On Sunday, Smith strode from his front-row Dolby Theatre seat on to the stage and smacked Rock, who had made a joke at the expense of Smith's wife, Jada Pinkett Smith. Moments later, he went on to win the best actor award for his role in “King Richard.”

Rock, who was about to present Oscar for best documentary, declined to file charges when asked by police.

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A new anti-COVID-19 drug has shown promising signs of eliminating the virus in three days, a study has revealed.

Clinical trials of the American made drug Molnupiravir have shown the pill can "eliminate" a mild to moderate COVID-19 infection by day three of the treatment.

However, a COVID-19 patient needs to start the drug within five days of developing symptoms.

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Molnupiravir is an "oral antiviral prodrug" that has been used to fight coronaviruses, including COVID-19.

The drug has been provisionally approved by the Therapeutic Goods Administration in Australia

The study carried out by Merck & Co, the manufacturer of the drug, found that zero of the 92 participants with COVID-19 still had the virus by day three of taking Molnupiravir whereas 21 per cent of participants who had a placebo still had the virus at that time.

Dr Julie Strizki, the scientist heading the study, concluded a five-day course of Molnupiravir is effective in rapidly eliminating COVID-19.

"This study provides additional evidence that molnupiravir helps those infected clear SARS-CoV-2 (COVID-1) faster than placebo," she said.

"Molnupiravir can lower the risk of progression to serious illness in this high-risk cohort."

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It also appears to clear the virus equally well in immunocompromised patients.

The study also revealed the drug can improve symptoms quicker, especially loss of smell and fatigue

The results of the studies will be presented at the European Congress of Clinical Microbiology & Infectious Diseases with hopes the pill will be approved for emergency use in Europe.

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