The Closer Economic Relations (CER) agreement of 1982 between Australia and New Zealand was a landmark agreement that aimed to foster closer economic ties between the two countries. The deal was seen as a way to increase trade, reduce barriers to investment, and strengthen the economic relationship between the two countries.
One of the key outcomes of the CER agreement was the creation of a free trade area between Australia and New Zealand. This agreement abolished tariffs on most goods traded between the two countries, making it easier and more cost-effective for businesses to do business across the Tasman Sea.
Another significant outcome of the CER agreement was the establishment of a joint agency to oversee the regulation of trans-Tasman trade. This agency, known as the Australia New Zealand Closer Economic Relations Trade Commission, was tasked with ensuring that both countries complied with the terms of the agreement and that trade between the two countries remained transparent and fair.
The CER agreement also had a significant impact on the economies of both Australia and New Zealand. By reducing barriers to trade and investment, the agreement helped to promote economic growth in both countries. It also helped to create jobs and increase competition, which benefited consumers by driving down prices for goods and services.
Overall, the CER agreement of 1982 was a significant achievement for both Australia and New Zealand. By creating a free trade area and reducing barriers to investment, the agreement helped to foster closer economic ties and promote economic growth in both countries. Today, the CER agreement continues to be a key driver of economic cooperation between Australia and New Zealand, and a model for other countries seeking to establish closer economic relationships.