CER Trade Ministers agree to fast track Single Economic Market agenda

New Zealand and Australia have agreed to fast-track work on a more ambitious Single Economic Market (SEM), as Trade and Investment Minister Todd McClay and Australian Trade and Tourism Minister Don Farrell concluded the annual Closer Economic Relations (CER) Trade Ministers' Meeting in Monarto, South Australia today.

Ministers reaffirmed their commitment to open markets and closer trans-Tasman cooperation to strengthen both countries' economic resilience and competitiveness in the current global trading environment.

Key outcomes included:

• Advancing regulatory and standards alignment through a new Heads of Agreement between Standards Australia and Standards New Zealand.
• Deepening economic integration by strengthening the Trans-Tasman Mutual Recognition Arrangement and progressing Single Economic Market reforms that make it easier for businesses to operate across the Tasman.
• Coordinating regional and global trade engagement, including joint action on WTO reform ahead of the upcoming Ministerial Conference, and collaboration through APEC, CPTPP and RCEP.

"This is about making it simpler for businesses to trade, invest and grow, not just between our two countries but across the wider region," Mr McClay said.

The Ministers also welcomed input from businesses at last month's Australia New Zealand Leadership Forum and committed to aligning government action with commercial priorities.

A joint statement was released following the meeting.