The Asia Region Funds Passport is a region-wide initiative being led by Australia, New Zealand, Republic of Korea and Singapore. Ministers representing the governments of these economies signed a Statement of Intent on 20 September 2013 at the APEC Finance Ministers’ meeting in Nusa Dua, Bali.
In signing the statement of intent, ministers of the four economies recognise the value of creating better connections between financial markets in the Asia region and the benefits deriving from it.
Ministers signed with a view to their economies potentially becoming members of the passport upon its commencement in 2016.
They endorsed the principles upon which the detailed passport arrangements as set out in the framework document.
Since the signing of the statement of intent, Thailand and the Philippines indicated their commitment to become members of the passport and have joined Australia, New Zealand, Republic of Korea and Singapore as members of the Asia Region Funds Passport Working Group.
Ministers representing the governments of Australia, Japan, Korea, New Zealand, Thailand and the Philippines signed the Statement of Understanding on 11 September 2015. The statement signaled the commitment of these economies to join the Passport. The statement also noted the intention of signatories to ensure that all APEC economies were able to participate in the Passport when it begins or at a time appropriate to their circumstances.
Representatives from the governments of Australia, Japan, Korea and New Zealand signed the Memorandum of Cooperation on 28 April 2016. The MoC sets out the internationally agreed rules and cooperation mechanisms underpinning the passport. The MoC comes into effect on 30 June 2016 and some other regional economies are expected to join before then. Over time, the aim is to ensure all other eligible APEC economies are able to participate in the passport. Participating economies have up to 18 months from the 30 June 2016 to implement domestic arrangements in accordance with the rules.
The passport is expected to commence in 2017.
Further detail on the Asia Region Funds Passport project and its development is available under background.