Hon Phil Goff
Minister of Trade
Hon Lianne Dalziel
Minister of Commerce
27 March 2008 Media Statement
Ministers welcome a quarter century of CER
Trade Minister Phil Goff and Commerce Minister Lianne Dalziel today acknowledged and welcomed the progress made in the
25 years since the Australia New Zealand Closer Economic Relations Trade Agreement (ANZCERTA) was signed on 28 March
1983.
"The initial trade agreement has been expanded into a comprehensive set of trade and economic arrangements, collectively
known as ‘CER’, which is still considered one of the most open trade and economic relationships between any two
countries,” Phil Goff said.
“CER is regarded by the World Trade Organisation as the most comprehensive, effective and mutually compatible bilateral
free trade agreement worldwide, and has led to significant trade growth between the two countries.
"Australia is New Zealand's largest market and New Zealand is Australia's sixth largest export market for goods and
services, and largest market for elaborately transformed manufactured goods. Two-way trade exceeds $23.5 billion. In
addition, businesses in both countries hold nearly $100 billion of investment stock on the opposite side of the Tasman.
Australia is New Zealand’s top source and top destination of foreign investment.
"CER underpins and builds on strong historical, cultural, geographical and political ties, along with values and
interests that both countries share,” Phil Goff said.
"Both governments have communicated a shared vision to create a seamless trans-Tasman business environment, or Single
Economic Market (SEM), to support our businesses in meeting the challenges of an increasingly competitive global
environment.
“Work towards a SEM particularly under the Memorandum on Business Law Coordination will further strengthen the
trans-Tasman relationship by reducing transaction costs and behind-the-border barriers to trade for businesses operating
on both sides of the Tasman,” Phil Goff said.
Lianne Dalziel said that as a comprehensive, dynamic agreement, CER has adapted to changing requirements of business.
"The Australian and New Zealand economies are becoming increasingly integrated, not just through trade but also the high
degree of regulatory co-ordination of the goods and services markets." Lianne Dalziel said.
"Since 1997, the Trans Tasman Mutual Recognition Agreement has played a central role in driving deeper levels of
regulatory policy co-operation between the two countries, making it a valuable instrument of CER."
"On the 25th anniversary of CER, New Zealand looks forward to continuing to build on our strong relationship with
Australia," Lianne Dalziel said.
Both ministers will attend a function and awards ceremony marking the economic partnership tonight in Auckland. The
function, organised by the Trans-Tasman Business Circle, is to take place at Sky City.
ENDS