The Australian government released the internationally negotiated consultation paper on the Asia Region Funds Passport for public consultation, which aims to help drive growth in funds management and other financial services exports by facilitating greater access to key markets across the Asia Pacific, Minister for Finance, Acting Assistant Treasurer Mathias Cormann announced Wednesday.

According to his statement on Wednesday, the Asia Region Funds Passport was a recommendation of the 2009 Johnson report, Australia as a Financial Centre: Building on our strengths and is an initiative endorsed by APEC finance ministers.

Once implemented it will facilitate cross border issuing of managed investment funds within a group of economies that agree to a common framework.

According to him, this paper outlines the proposed passport arrangements and was developed jointly with relevant government agencies from South Korea, New Zealand, Singapore, Thailand and the Philippines.

And the release of the consultation paper follows the signing of a statement of intent on the Asia Region Funds Passport by ministers from Australia, South Korea, New Zealand and Singapore at the APEC Finance Ministers'Meeting in Bali in September 2013.

Cormann said that these governments are now seeking feedback from the public on the details of the proposed framework.

He confirmed that the Asia Region Funds Passport will not only reduce the amount of red tape faced by fund managers across the region but will provide Australian investors with greater choice of investment products. Specifically, the passport aims to give Australian investors access to a larger range of well-regulated foreign funds.

"This initiative will create a regional market for managed funds, giving our world class Australian fund managers a better opportunity to compete for a larger share of managing Asia's savings,"Cormann said.