CER Trade Ministers strengthen Single Economic Market agenda

New Zealand and Australia have accelerated work towards 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 Auckland today. Ministers welcomed the implementation of SEM Strengthening Initiatives including: Deepening economic integration by launching a new programme of Trans-Tasman business-government collaboration to implement the Australia New Zealand Leadership Forum’s proposals to reduce the cost of doing business between New Zealand and Australia, focussing on regulatory coherence and common standards, supply chains, climate adaptation, defence industry collaboration, space, innovation and technology. Advancing regulatory and standards alignment through a 30 percent increase in Joint Trans-Tasman Standards, enabled by a new Standards Development and Distribution Agreement and Statement of Operating Procedures signed by Standards New Zealand and Standards Australia. Coordinating regional and global trade engagement including CPTPP, RCEP, PACER Plus, AANZFTA. “We have taken on board feedback from the trans-T