The long-awaited agreement – accounting for 40 per cent of the world’s economy – was signed in New Zealand on Friday. It includes a number of ‘market access measures’ for legal professionals, such as a right to provide legal services on a fly-in, fly-out basis in TPP countries, including eight additional US states not covered by previous agreements.

‘A sound living agreement’

LCA president Stuart Clark suggested that while no deal was perfect, ‘the legal services commitments, combined with the ongoing improvements envisaged through the Professional Services Annex, makes the TPP a sound living agreement that provides a framework for further liberalisation.’

Greater liberalisation in the works

He indicated that other agreements currently being negotiated, such as the Regional Comprehensive Economic Partnership, might further liberalise trade in legal services. The deal, which includes China and India (as well as New Zealand and Australia), could be concluded this year and eventually merge with the TPP to form the basis of an even bigger trade treaty across the Asia Pacific.

Malaysia opens legal market further

Member nations of the TPP are the US, Canada, Mexico, Chile, Peru, Australia, New Zealand, Japan, Vietnam, Singapore, Brunei, and Malaysia, which has also made commitments to opening its legal market further for Australian lawyers under the TPP. Sources: Lawyers Weekly; New Zealand Herald