Canada’s largest pension funds are joining an initiative that aims to boost pension investments between Canada and Australia.

The Canadian-Australian Pension Funds Investment Initiative, announced Wednesday during Prime Minister Mark Carney’s visit to Australia, will create a framework for pension funds in the two countries to discuss policy barriers and associated solutions to improve the current business environment.

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The agreement includes participation from the Alberta Investment Management Corp., the British Columbia Investment Management Corp., the Caisse de dépôt et placement du Québec, CPP Investments, the........

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