An agreement was announced Monday on the Trans-Pacific Partnership, a trade agreement among nations that produce 40 percent of global economic output. The agreement was signed by Australia, along with Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.
Financial services is one of the industries covered under the TPP, and should allow financial services firms to more easily tarhet overseas customers and staff offshore branches, according to a Sydney Morning Herald report
. Specific areas covered by the agreement are investment advice and funds management services to pooled funds such as pension schemes, The SMH said.
Financial Services Council CEO Sally Loane praised the TPP, calling it a "positive step in the right direction" for the industry.
"When the TPP agreement is up and running, Australia will be able to trade in financial services on the same basis as a domestic provider in the participating countries. Regulatory restrictions in participating TPP countries will be removed for Australian firms which will create more streamlined processes and transparency for licencing of financial services firms,” Loane said.
The finance industry has praised a historic trade agreement that it says is a step in the right direction for the industry.