The two main stumbling blocks in the negotiations were New Zealand`s desire to improve access to its dairy products in Australia and Australia wants New Zealand to remove export incentives and quantitative restrictions. After overcoming these two obstacles, the Heads of State and Government were signed on 14 December 1982 and came into force on 1 January of the following year. The 2013 ERC Investment Protocol is an ambitious investment agreement and maintains the ERC`s status as one of the most comprehensive free trade agreements in the world. The protocol reduces compliance costs and provides trans-Tasman investors with greater legal certainty by setting higher thresholds for foreign investment. Calendar: The ERC replaced the 1965 Australian Free Trade Agreement (NAFTA) in New Zealand. Discussions began in the late 1970s and a new agreement was reached in December 1982. The ERC came into force in January 1983. The 1988 CER Protocol on Trade in Services (external link) allowed the free trade of almost all services and allowed New Zealand and Australia full access to the other company`s market. The protocol contains certain exclusions (areas where unlimited access is not granted) that have been regularly reviewed and have been significantly reduced over time. New Zealand has a second free trade agreement with Australia – AANZFTA – between New Zealand, Australia and the Association of Southeast Asian Nations (ASEAN). In most cases, you are better off using the ERC to export goods to Australia.
The Australia-New Zealand Closer Economic Relations Trade Agreement (CER) is a free trade agreement between the governments of New Zealand and Australia. On March 28, 1983, the treaty itself was signed only by the Australian Deputy Prime Minister and Trade Minister Lionel Bowen and the New Zealand High Commissioner for Australia, Laurie Francis, in Canberra, Australia. Investments from one country to another are also important. Australia is the largest investor in New Zealand, while New Zealand is the third largest investment destination for Australia. More than half of Australia`s total investment in New Zealand is foreign direct investment, reflecting the high level of economic integration. All products that comply with the ERC`s rules of origin can be exchanged duty-free between New Zealand and Australia. The Australia New Zealand Leadership Forum (ANZLF) is a business-led initiative to develop bilateral relations between Australia and New Zealand and provide a direct business contribution vehicle in the Trans-Tasman Economic Integration Program. ANTLF brings together ministers and heads of state and government from business, government and science to create an independent public platform for debate on Australia-New Zealand relations. In February 2015, anZLF celebrated its 10th anniversary and the eleventh ANZLF was held in Sydney in October 2016. The next step for the Australian and New Zealand authorities is to create a customs union through a common external tariff and a common competition policy. New Zealand and Australia already have a common competition policy, but it is unlikely that there will be a common external tariff. [Citation required] In the past, ANZLF has played an important role in defining the trans-Tasman agenda, particularly in the economic field, such as supporting the acceleration of the SEM initiative and promoting the concept of a “net trans-Tasman benefit”.