COMMONWEALTH BANK WELCOMES TRANS-PACIFIC PARTNERSHIP AGREEMENT
The Commonwealth Bank welcomes the successful conclusion of negotiations on the Trans-Pacific Partnership Agreement.
The Agreement will open new markets for Australian goods and service exporters, bringing together twelve countries representing 40 per cent of global gross domestic product. The scope of the Agreement is broad, addressing agriculture, manufacturing, resources and a diverse range of service sectors.
Commonwealth Bank Chief Executive Ian Narev said: “Australia’s future prosperity depends on free and open trade. The high-growth economies of the Pacific region, in Asia and beyond, will remain central to Australia’s success as an exporter and investor for the long term. The Agreement sets Australia up to realise additional gains from this growth.”
“In addition to eliminating 98 per cent of tariffs on goods, the Agreement will create new commitments on services trade, e-commerce and the movement of business personnel. These provisions will help lower costs for Australian services businesses, both large and small, seeking to access fast-growing overseas markets.“
With fewer barriers, businesses can react more nimbly to economic opportunities. Australian providers in education, health and professional services all have great potential to grow exports.”
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Notes to editors:
Commonwealth Bank of Australia
CBA is Australia’s leading provider of integrated financial services, including retail, premium, business and institutional banking, funds management, superannuation, insurance, investment and share-broking products and services.
CBA’s global trade capabilities allow clients to access and manage their trade finance, foreign exchange and cash management positions through our leading CommBiz online platform. CBA’s trade capability opens up global trade to the award winning benefits of our CommBiz platform, bringing end-to-end trade banking solutions to CBA customers through a single global window. Our global trade offering includes: Foreign Currency Account; International Money Transfer; Supply Chain Finance and Export and Import Trade Finance.
CBA’s global reach extends through offices and branches across Australia, Asia, Europe, New Zealand, North America and South Africa.