New Zealand and Australia Push Forward on Single Economic Market Integration

New Zealand’s Trade and Investment Minister Todd McClay is meeting with Australian Trade Minister Senator Don Farrell in Adelaide today for the Annual Closer Economic Relations (CER) Trade Ministers’ Meeting. The high-level talks are set to accelerate progress toward a more ambitious Single Economic Market (SEM), aimed at deepening integration between the two economies, boosting trans-Tasman trade, and opening greater opportunities for investment and business growth.

Strengthening a $29 Billion Partnership

Australia remains one of New Zealand’s most significant trading partners, with two-way trade worth $29 billion underpinned by the CER Agreement — one of the world’s most comprehensive free trade deals.

“In an increasingly uncertain global trading environment, this meeting is an opportunity to elevate our gold-standard partnership and sharpen the competitive edge of both economies,” McClay said.

The CER framework, signed in 1983, has long been regarded as a model of economic integration, ensuring free trade in goods and services, mutual recognition of professional qualifications, and easier business operations across the Tasman.

Building on Past Progress

This year’s Adelaide meeting builds on momentum from the 2024 CER Trade Ministers’ Meeting in Rotorua, where both countries agreed to:

• Strengthen the Trans-Tasman Mutual Recognition Arrangement (TTMRA)

• Enhance regulatory coherence across industries

• Address non-tariff barriers, including restrictions on New Zealand’s structural timber exports

• Coordinate more closely in global trade negotiations, particularly at the World Trade Organization (WTO) and through the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)

These commitments are now being operationalised, with Adelaide serving as a key platform to translate agreements into practical business outcomes.

Coordinated Leadership and Business Alignment

The Adelaide discussions also build on earlier talks between Prime Ministers Christopher Luxon and Anthony Albanese, who reaffirmed a joint vision for a more seamless trans-Tasman business environment.

Ministers are expected to advance priorities identified by New Zealand and Australian businesses at the Australia New Zealand Leadership Forum (ANZLF), held last month. These priorities include streamlining regulatory frameworks, reducing compliance costs, and ensuring government action matches the practical needs of businesses operating across both markets.

“Making it easier for businesses to trade and invest across the Tasman is central to our strategy,” McClay noted, emphasising that stronger integration will help small and medium enterprises (SMEs) as well as larger exporters.

Expanding Influence Beyond the Tasman

A significant focus of today’s meeting will also be on regional expansion. The Ministers will explore opportunities to:

• Extend trans-Tasman cooperation into ASEAN markets, tapping into one of the fastest-growing economic regions

• Deepen regulatory cooperation, reducing duplication and aligning standards to improve efficiency

• Coordinate regional and global trade strategies ahead of Australia’s hosting of the CPTPP Trade Ministers’ Meeting in November 2025

This forward-looking agenda reflects New Zealand and Australia’s shared commitment to not only strengthening bilateral ties but also ensuring the trans-Tasman partnership plays a greater role in shaping regional economic policy.

Looking Ahead

The CER Trade Ministers’ Meeting remains a central driver of the Single Economic Market vision, which aspires to create an environment where businesses, workers, and consumers can operate across New Zealand and Australia with minimal barriers.

By deepening cooperation in regulatory alignment, tackling non-tariff barriers, and extending influence into wider regional frameworks, both governments aim to ensure their partnership remains resilient and competitive in a rapidly changing global economy.