Trade between Australia and New Zealand
Agreements entered into between Australia and New Zealand in 1983 – called Australia and New Zealand Closer Economic Relations (CER) – have resulted in free trade between Australia and New Zealand of goods and services, and the parties have agreed to increase trade freedom in other areas.
The Joint Food Standards allow food products to be manufactured in Australia or New Zealand to a single standard. The TransTasman Mutual Recognition Regime allows a product produced in, or imported into, and legally sold in Australia to be sold in New Zealand and vice versa. Mutual recognition of securities offerings was achieved in June 2008.
A CER Investment Protocol signed by the New Zealand and Australian governments in 2013 made it easier for Australians to undertake large-scale investments in New Zealand where there is no “sensitive land” involved (see section 3 of this guide). In particular, the threshold for the “significant business asset” regulatory consent requirement is increased from the usual NZ$100 million to NZ$536 million for an “Australian non-government investor”.