FSC chief executive John Brogden said the JAEPA will provide “substantial opportunities” for Australia and Japan to mutually benefit from “increased trade in financial services”.
“This will be good for Australia and good for the economy,” Mr Brogden said.
“Australian financial services providers will benefit from commitments made by Japan which will guarantee cross-border access for Australian fund managers,” he said.
“Japan and Australia have large, mature financial services markets. Japan has an ageing population and one of the world’s largest financial services markets. It is a significant trading nation for Australia,” he added.
Mr Brogden said that Australia’s fund managers will be able to provide “financial products” and create “business opportunities” in emerging financial services markets in Japan.
“The Australian government and trade minister Andrew Robb are to be congratulated,” said Mr Brogden.
“Initiatives like the Japan Free Trade Agreement and the Murray Review will help deliver outcomes that facilitate Australian financial services exports to Asia and export-oriented and globally competitive Australian financial services industry.”
