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The Institute of Public Accountants (IPA) has welcomed the conclusion of the Tran-Pacific Partnership (TPP) negotiations
Andrew Conway, IPA CEO, lauded the acknowledgement of SMEs amongst the negotiations, with the IPA having previously called for more to be done to assist small businesses in accessing international markets.
“We are very pleased to see the TPP goes beyond the traditional view and seeks to ensure that the benefits of the TPP extend to SMEs,” Mr Conway stated.
Mr Conway stressed that measures must be taken to ensure that complexity is dealt with as part of the TPP.
“We also acknowledge that greater opportunities for SMEs seem to come with growing complexity with the TPP sitting alongside existing Free Trade Agreements and the plethora of trade agreements around the world,” he said.
“It is therefore beneficial that the TPP promotes mutual recognition of professional qualifications (and best practice regulations for professions like law). It is also essential we promote trade in services where Australia can be competitive,” Mr Conway added.
The acknowledgement of ‘horizontal issues’ such as legal and regulatory frameworks, in addition to trade and economics, was applauded by Mr Conway and the IPA.
Mr Conway concluded that the significance of the TPP region “cannot be overstated”, highlighting the 37.5 per cent contribution to global GDP and 32.6 per cent of Australian trade.