Australian New Zealand Closer Economic Relations Trade Agreement

Calendar: The ERC replaced the 1965 Australian Free Trade Agreement (NAFTA) in New Zealand. Discussions began in the late 1970s and a new agreement was reached in December 1982. The ERC came into force in January 1983. Since 1983, there have been many agreements and MoUs (MoUs) between Australia and New Zealand. The aim was to reduce regulatory barriers to cross-Tasman trade and to harmonize domestic policy. The main developments have been: since 1983, trade between New Zealand and Australia has continued to increase. Trade in Tasman trans goods was $14.5 billion. Our merchandise exports to Australia were $8.3 billion, or 17.1% of our total exports. The Australia New Zealand Closer Economic Agreement (ANZCERTA), which came into force in 1983, was the first bilateral agreement in Australia. ANZCERTA has created one of the most open and successful free trade agreements in the world. Australia is our largest trading partner in services.

21% of our services exports go to Australia ($NZ $3.8 billion) and services imports from Australia account for 29.4% ($5.1 billion) of all our services imports. Although the ERC is constantly reviewed and developed by the New Zealand and Australian authorities, this is the first review by the Joint Committee on Foreign Affairs, Defence and Trade. The Committee has an interest in reviewing Australia`s free trade agreements after reviewing codecision with Singapore, Thailand and the United States in 2005 (2). Chapter 5 examines specific issues in the areas of trade, travel and tourism. Organizations such as CANZUK International have also called for the ERC and Trans-Tasman Travel to be extended to the UK and Canada, allowing free trade and free movement of people in four of the Commonwealth`s largest empires. Australia is one of our major economic partners. New Zealand and Australia have made good progress in removing trade barriers. The next step for the Australian and New Zealand authorities is to create a customs union through a common external tariff and a common competition policy. New Zealand and Australia already have a common competition policy, but it is unlikely that there will be a common external tariff. [Citation required] For a permanent exemption to enter into force, it must be included in the schedule of the corresponding TTMRA Act, which requires the agreement of all Australian and New Zealand governments. A party may at any time remove or reduce the scope of a permanent exemption in its area of jurisdiction. Austrade can help Australian companies become familiar with local market conditions and help develop export opportunities through a number of market and Australian services.

The Australia-New Zealand Closer Economic Relations Trade Agreement (CER) is a free trade agreement between the governments of New Zealand and Australia.