On 28 April 2016, representatives from Australia, Japan, Korea and New Zealand signed the Asia Region Funds Passport’s Memorandum of Cooperation (MoC).
Signing of the MoC is an outcome of more than six years international negotiation on the passport arrangements. Australia, Japan, Korea, New Zealand, the Philippines, Singapore and Thailand have contributed expertise to developing the framework in the working group.
The MoC comes into effect on 30 June 2016 and any other eligible economy that signs the MoC before then will be an original participant in the passport. The MoC also ensures that any other eligible APEC economies are able to participate in the passport even after it comes into effect.
Participating economies have up to 18 months from the 30 June 2016 to implement domestic arrangements. Activation of the passport will occur as soon as any two participating economies implement the arrangements under the MoC.
Links to media releases: