The Financial Services Council (FSC) has backed the government's decision to host an international symposium with the association's chief calling the move a "rare opportunity" to address cross-border barriers.
"With APEC overseeing the development of an Asian Region Funds Passport, this symposium is a very important initiative," John Brogden said.
"The symposium will open the door for Australia to adopt a leadership role in enabling markets in the Asian Region to become more closely financially integrated."
On Friday, the Minister for Financial Services and Superannuation Bill Shorten announced details of the symposium in a joint statement with Minister for Finance Penny Wong.
The international symposium on regional financial market integration will be held in Sydney next year and plans to explore the proposal put forward by the APEC Business Advisory Council at the APEC Finance Ministers meeting in Moscow for the creation of an Asia Pacific Financial Forum to strengthen and promote regional financial architecture, the joint statement said.
Brogden said the acceleration of the Asian Region Funds Passport should be a "key objective" of the symposium.
"An Asian Region Funds Passport would allow the region's savings to be invested more widely and managed more efficiently. It would generate significant cross-border capital flows that would in turn stimulate economic growth across the region," he said.
"Australia has a lot to gain from the development of a Passport. Australian superannuation savings will increasingly need to look for investment opportunities outside of Australia - a Passport will allow those savings to more easily invest in the region and capitalise on the rapid economic growth taking place.
"The symposium provides a rare opportunity to address barriers to greater cross-border financial activity in the region."
The symposium announcement comes a week after the Australian parliament passed amendments to Australia's Investment Manager Regime bill.
The Labor government believes the bill's passage will remove the potential for uncertainty regarding the tax treatment of certain foreign fund income.
"This will make Australia more attractive as a destination for investment and encourage employment in the financial services sector," Shorten said at the time.
