Canadian and U.S. insurance industry lobbyists have jointly pledged their support for freer trade and greater regulatory efficiency.

The leaders of the Canadian Life and Health Insurance Association and the American Council of Life Insurers met Monday to launch a joint effort to promote trade liberalization and regulatory efficiency in anticipation of Canada’s admission into the Trans Pacific Partnership.

The trade groups said that the TPP, which is intended to be the foundation for the U.S.’s twenty first century trade agreements, will help U.S. and Canadian workers and businesses by seeking to remove barriers to market access, improve transparency, and address new forms of protectionism.

“TPP can also represent an important link between trade agreements and the development of international regulatory standards by the International Association of Insurance Supervisors, the Financial Stability Board and the G20. TPP can simultaneously provide for strong and efficient regulations that assure a level playing field for all market participants,” they said.

“It is critical for any alignment in regulatory approaches that results from cross-border cooperation to be transparent and non-discriminatory, reduce unnecessary costs and burdens on producers and consumers, and fulfill each country’s health, safety, environmental, and other legitimate policy objectives. Cooperation on regulatory measures can not only lead to regulatory alignment, but also result in other outcomes that help facilitate trade,” they added.

The CLHIA and the ACLI pledged to work closely to fulfill the TPP’s vision.