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Under the revised TPP agreement Canadians will have better access to jobs in Australia, sidestepping the strict rules around skilled migrant recruitment
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Consumers will benefit from lower prices as many tariffs have been removed
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Investors will get a better rate when sending money abroad when they partner with a money transfer provider
Following the exit of the United States from the Trans Pacific Partnership (TPP), all countries have reached an agreement as part of the new Comprehensive and Progressive Agreement. The trade deal will open up new market opportunities for businesses, and will drive down the price of imports in the various countries that are signed up. Approximately 98% tariffs have been abolished in the new deal. This will lead to lower priced imports for those countries involved in the agreement, at a benefit to the consumer.
Under the newly reformed agreements, skilled Canadians will also be able to access the Australian job market. They will be able to circumvent the various visa hurdles and businesses will not be subject to the requirement to test the local job market, before offering a job to a skilled Canadian migrant. This benefit extends to all 11 countries involved in the partnership.
So if you do accept a role in Australia, or find new demand for your products, how should you handle your international money transfers and deal with receiving payments for products? Astute businesses will carry out money transfers with an international money transfer specialist, as they can save on transfer fees and get a better rate than the banks offer. Many of these money transfer providers can facilitate large value transfer amounts, or regular payments. They also have risk management functions who offer forward contracts, stop loss or limit orders, to hedge against currency risks and unfavourable movements when exchanging Australian dollars for Canadian dollars.
