Agreeing to fast-track work on a more ambitious single economic market (SEM), advancing regulatory and standards alignment through a new Heads of Agreement between Standards Australia and Standards New Zealand, and deepening economic integration by strengthening the Trans-Tasman Mutual Recognition Arrangement were among some of the key outcomes of the annual Closer Economic Relations (CER) Trade Ministers’ Meeting between the two countries.Both sides agreed to coordinate regional and global trade engagement, including joint action on World Trade Organization (WTO) reforms ahead of the upcoming Ministerial Conference, and collaboration through various multilateral agreements, a joint statement issued after the meeting said.
Australia and New Zealand recently agreed to fast-track work on a single economic market, sign a pact for regulatory and standards alignment, and deepen economic integration by strengthening the Trans-Tasman Mutual Recognition Arrangement.
Trade ministers from both sides met in Monarto, and agreed to coordinate joint action on WTO reforms and collaborate through various multilateral agreements.
New Zealand Trade and Investment Minister Todd McClay and Australian Trade and Tourism Minister Don Farrell concluded meeting in in Monarto, South Australia.
“This is about making it simpler for businesses to trade, invest and grow, not just between our two countries but across the wider region,” McClay said.
ALCHEMPro News Desk (DS)