Australian and New Zealand Governments will improve the strong trans-Tasman economic relationship through their response to a report by their two Productivity Commissions.
The joint report by the two commissions, released in December 2012, highlighted the high degree of integration between the two countries. It showed that many of the broad initiatives in the economic relationship had been completed and few easy-wins remained.
Improving our economic linkages therefore requires us to undertake a range of targeted actions, as well as looking at new and innovative areas for co-operation.
We have already made significant progress in a number of areas covered by the recommendations, including aligning trademark registration procedures and streamlining the process for resolving trans-Tasman civil proceedings, which is reducing costs and improving efficiency in enforcing judgments across the two countries.
We will work together to implement single application and examination processes for patents, continue our co-operation on biosecurity risks, and conclude our current joint review of services excluded from the Closer Economic Relations Trade Agreement.
This ongoing work would boost productivity, increase competitiveness and deepen economic integration between Australia and New Zealand.
Prime Ministers Tony Abbott and John Key have committed to review progress on the report’s recommendations at the next leaders’ meeting in 2015.
Australia and New Zealand government response to the joint productivity commissions’ report on economic integration