The Trans-Pacific Partnership (TPP) Agreement will create more transparency for licensing of financial services firms, the Financial Services Council (FSC) believes.
The council said the TPP finalised this week between 12 countries, including Australia, will provide a platform for multilateral trade with major economies in the Pacific Rim.
FSC chief executive, Sally Loane, said the agreement is a positive step in the right director for financial services trade as Australia transforms into a services-based economy.
“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,” she said.
“Regulatory restrictions in the participating TPP countries will be removed for Australian firms which will create more streamlined processes and transparency for licensing of financial services firms.”
The TPP countries represent 40 per cent of the global economy and include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, US, and Vietnam.
