The agreement between the countries provides for joint access to markets for banks and insurance companies that manage exchange markets. The agreement is designed to increase trade turnover, mutual recognition of rules and supervisory authorities.
The so-called Berne Agreement is still awaiting parliamentary approval. Once all the rules come into force, financial companies from both countries will be able to operate in each other’s markets with simplified licensing and supervision procedures.
The agreement applies to investment services, asset management, banks, and corporate insurance. And the rules for servicing clients from the “partner country” are simplified.