Department of Foreign Affairs and Trade
- Australian Minister for Trade and Tourism, Senator the Hon Don Farrell, met with New Zealand Minister for Trade and Investment, Hon Todd McClay, for the annual Closer Economic Relations Ministerial Meeting in Monarto, South Australia, on 3 October, highlighting the enduring strength of the trans-Tasman trade and economic partnership.
- Ministers discussed how recent global developments were fueling economic uncertainty and reaffirmed their shared commitment to open markets and the rules-based trading system. They agreed the deep integration of the Australia-New Zealand economic relationship, underpinned by the Closer Economic Relations Trade Agreement (CER) and the Single Economic Market (SEM), was more important than ever. As export-driven economies, Australia and New Zealand rely on predictable and transparent trade rules to support jobs and innovation as well as supply chain and economic resilience. They committed to working together to build regional economic resilience, including through diversified trade, resilient supply chains, and the promotion of open markets, and rules-based trade.
- Ministers welcomed coordination on Australia and New Zealand's respective productivity, growth, and reform agendas. They welcomed the Prime Ministers' ambition for a new phase of bilateral economic reform collaboration focused on areas of highest impact and committed to advancing SEM initiatives that deliver tangible benefits to businesses and communities on both sides of the Tasman. Ministers expressed their support for the new Heads of Agreement between Standards Australia and Standards New Zealand to strengthen the alignment of standards.
- Ministers reaffirmed commitments under the Australia New Zealand Government Procurement Agreement, which include a single competitive procurement market and provides a level playing field for Australian and New Zealand suppliers to tender for government contracts.
- Ministers also discussed continued collaboration to enhance the operation and effectiveness of the Trans-Tasman Mutual Recognition Arrangement (TTMRA) and other efforts to enhance regulatory coherence, services liberalisation and standards alignment - key issues highlighted by business.
- Ministers agreed to explore options for using Single Economic Market approaches to deepen economic ties across our region and agreed officials should continue to engage on the topic.
- Ministers discussed their ongoing commitment to strengthen multilateral institutions. They agreed to pursue ambitious reform of the World Trade Organization (WTO) to improve how the WTO makes decisions, develops new rules, and enforces those rules. They agreed to deepen joint cooperation in this space, including in preparation for the 14th WTO Ministerial Conference (MC14). As part of this, the Ministers reaffirmed their intention to enhance engagement with regional partners, particularly ASEAN countries, to support WTO reform efforts. Ministers also reaffirmed their support for restoring a fully functioning WTO dispute settlement system, as well as broadening participation in the Multi-Party Interim Appeal Arbitration Arrangement (MPIA) to ensure the enforceability of trade rules.
- As leading members of the Cairns Group, Ministers also discussed the importance of continued advocacy for an open and equitable global agricultural trading system. They welcomed the entry into force of the Agreement on Fisheries Subsidies and committed to continue negotiations to conclude additional provisions on subsidies that contribute to overcapacity and overfishing. They also discussed the importance of digital trade and e-commerce, and the need to ensure these frameworks support micro, small and medium enterprises. Underpinning this, Ministers reaffirmed their support for the extension of the moratorium on customs duties on electronic transmissions at MC14, and the ultimate goal of a permanent moratorium. Ministers also welcomed the conclusion of the plurilateral WTO Agreement on Electronic Commence and reaffirmed their commitment to its incorporation into the WTO framework. Ministers agreed on the importance of innovative and inclusive plurilateral agreements as a pathway for WTO rulemaking and to ensuring the WTO keeps pace with modern trade.
- Ministers reaffirmed their commitment to high-standard, inclusive regional trade. They welcomed the opportunity to share perspectives on regional trade architectures and agendas, including the Asia-Pacific Economic Cooperation (APEC), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP). Minister Farrell looked forward to welcoming Minister McClay and other CPTPP Ministers to Melbourne in November for the 9th CPTPP Commission Meeting. Ministers celebrated entry into force this year of the upgraded ASEAN-Australia-New Zealand Free Trade Area (AANZFTA). Ministers also reaffirmed their joint commitment to implementation of the Indigenous Peoples Economic and Trade Cooperation Arrangement (IPETCA). Ministers noted the importance of PACER Plus and reaffirmed their desire to see all Forum Island Countries join PACER Plus.
- Ministers acknowledged the importance of trade and investment to the net zero transition. They agreed Australia and New Zealand should continue to collaborate closely to support innovative approaches to effectively address the challenges of transitioning to net-zero emissions while maximising the economic and environmental benefits of the transition for both countries and for our region.
- Ministers acknowledged the value of ongoing engagement with the Australia New Zealand Leadership Forum (ANZLF), including at its recent Forum event in Canberra in September. They expressed appreciation for the ANZLF's facilitation of discussion between business and government. Ministers welcomed and valued the role of business in informing dialogue on policy ideas and shaping practical SEM outcomes, and looked forward to receiving the ANZLF's recommendations to both Governments.
- In closing, Ministers reaffirmed their shared vision for a resilient, integrated, and forward-looking trans-Tasman economic relationship, and committed to working together to navigate global challenges and seize emerging opportunities.
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