Abbott in ‘secret trade negotiations’ to deregulate banking and finance

Tony Abbott is holding tip trade negotiations to essentially deregulate Australia’s banking and financial sector, according to WikiLeaks documents.

Foreign banks would be given larger entrance to a Australian market, internal bank accounts and financial information could be eliminated overseas, and an liquid of unfamiliar financial and information record workers would be allowed, underneath proposals being discussed by Australian trade negotiators, Fairfax Media reports.

The trade minister, Andrew Robb, has discharged experts’ warnings that a due changes could mistreat Australia’s ability to understanding with destiny financial crises independently, observant a Trade in Services Agreement negotiations are a “key focus” of supervision policy.

The sum were leaked in WikiLeaks papers and Robb says his department’s process is to “open as many doors as possible” to inspire a nation’s financial zone to trade a services.

“Financial services are a pivotal partial of a negotiations for us, given a strength of a zone in areas including banking and resources management, quite in a major, flourishing markets of Asia,” Robb told Fairfax.

The news says 50 World Trade Organisation members are concerned in a TISA negotiations.

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