Australia New Zealand Trade Agreement

Finally, Chapter 7 discusses the “dynamics” of the RECs and places the REC in a much broader context and highlights its importance as a platform for further international trade and as a cultural exchange between Australia and New Zealand. Australia is our largest trading partner for services. 21% of our services exports go to Australia ($NZ 3.8 billion) and services imports from Australia account for 29.4% (NZ$ 5.1 billion) of all our services imports. The South Pacific Regional Trade and Economic Co-operation Agreement (SPARTECA) is a non-reciprocal trade agreement in which New Zealand (with Australia) offers preferential tariff treatment for certain products that are the production or manufacture of the Pacific Islands Forum countries (known as the Forum Island Countries). There is no preferential duty rate for New Zealand goods exported to a Forum Island Country. Since 1983, numerous agreements and memoranda of understanding (MoUs) have been concluded between Australia and New Zealand. The aim was to remove regulatory barriers to cross-German trade and harmonize domestic policies. The main developments have been as follows: since 1983, trade between New Zealand and Australia has continued to grow. Trans-Simanic merchandise trade amounted to NZ$14.5 billion. Our merchandise exports to Australia amounted to NZ$8.3 billion, representing 17.1% of our total exports. For any other questions regarding free trade agreements, send an email export2fta@customs.govt.nz – we strive to respond to emails within 48 hours. The 2013 ERC Investment Protocol is an ambitious investment agreement and maintains the status of the RECs as one of the most comprehensive free trade agreements in the world. The protocol reduces compliance costs and provides greater legal certainty for cross-Channel investors by providing for higher thresholds for the control of foreign investments.

ANZCERTA has been recognized by the World Trade Organization (WTO) as a model free trade agreement covering a wide range of trade issues, essentially the entire transtasmanic trade in goods, including agricultural products, and services. On 14 December 1982, the Prime Ministers of Australia and New Zealand signed an agreement on RECs, which allowed the agreement to enter into force on 1 January 1983. The treaty itself was signed on 28 March 1983.3 The China-Franco-China Free Trade Agreement (NZCFTA) entered into force on 1 October 2008. New Zealand was the first OECD country to sign a comprehensive free trade agreement with China. We are negotiating an upgrade of our existing free trade agreement with ASEAN in order to modernize it, further reduce export barriers and boost trade in the region. The ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) is an agreement that includes one of the world`s most dynamic economic regions. All products that comply with the CER`s rules of origin can be traded duty-free between New Zealand and Australia. The CER grew out of a previous free trade agreement, the 1983 Australia-New Zealand Agreement on Closed Economic Trade (REC) is by far the oldest of the four Australian Free Trade Agreements (SAAs) with other countries – Australia concluded FHA agreements with Singapore (July 2003); Thailand (January 2005); and the United States (January 2005). CER was based on the former New Zealand Free Trade Agreement (NAFTA), signed on 31 August 1965 and entered into force on 1 January 1966. NAFTA had lifted four-fifths of tariffs between the two countries and quantitative restrictions on trade in the Tasmanian Sea.

However, it was deemed too complex and bureaucratic, and in March 1980 a joint communiqué from the Prime Minister was issued calling for “closer economic relations”. The Australia New Zealand Closer Economic Agreement (ANZCERTA), which entered into force in 1983, was Australia`s first bilateral agreement. .

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