The Trans-Pacific Partnership (TPP) Agreement has opened up markets for marine, trade and aviation insurers in some participating countries.

In Malaysia, Australian insurers will be free to offer product liability or directors’ and officers’ liability cover on a cross-border basis.

Singapore will allow Australian insurers to provide broker services on a cross-border basis for maritime, aviation and transport-related risks.

The TPP also includes provisions to facilitate recognition of Australian financial services licences in other countries, to avoid duplicative licensing.

Australian companies will be guaranteed the ability to transfer managerial and specialist staff to offshore branches for extended periods.

Professionals will enjoy certainty over visa arrangements and periods of stay in Malaysia, Vietnam, Canada, Peru and Mexico.

The TPP will now go before the parliaments of 12 participating nations, including the US and Japan, for ratification.