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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