The Financial Services Council (FSC) sees significant opportunity for Australia to expand its export and trade in financial services with Japan under the Japan-Australia free trade agreement.
The Japan Australian Economic Partnership Agreement (JAEPA) is a step closer to liberalised trade in the region, FSC CEO John Brogden said.
“For the first time, Australian financial services providers will benefit from commitments made by Japan which will guarantee cross-border access for Australian fund managers providing investment advice and portfolio management services,” Brogden said.
Brogden said both Japan and Australia could benefit from the removal of trade barriers in financial services as they both had large and mature financial services markets.
“Early indications suggest substantial progress has been made in opening up Japan’s financial services markets to access by Australian financial services institutions,” he said.
The free trade agreement between Japan and Australia was struck by Prime Minister Tony Abbott and Japanese Prime Minister Shinzo Abe after seven years of negotiations.
Brogden said initiatives such as the agreement and the Murray Review would help with Australian financial services exports to Asia and promote a globally competitive Australian financial services industry.
