The Australian New Zealand Closer Economic Relations Trade Agreement (ANZCERTA) is a free trade agreement that was signed in 1983 between Australia and New Zealand. Since then, it has been one of the most successful free trade agreements in the world, creating a single economic market between the two countries, and serving as a model for other free trade agreements.
ANZCERTA is essentially a customs union, with no tariffs or quotas on goods traded between Australia and New Zealand. This means that businesses in both countries can buy and sell goods without having to worry about trade barriers. The agreement also covers services, investment, and intellectual property, allowing businesses to operate across both countries with ease.
One of the key benefits of ANZCERTA is the elimination of duplication of regulations and standards. This has reduced costs for businesses and streamlined the regulatory environment, making it easier for them to operate across both countries. In addition, the agreement has opened up new markets for businesses, leading to increased competition, innovation, and economic growth.
The agreement has also had a positive impact on consumers, as it has led to lower prices and increased choice for goods and services. It has also facilitated the movement of people between Australia and New Zealand, making it easier for citizens to live and work in either country.
In recent years, the ANZCERTA agreement has been updated with the Trans-Tasman Mutual Recognition Arrangement (TTMRA), which allows for the recognition of each other`s regulations and standards. This has further reduced costs and barriers to trade, and has facilitated the movement of goods and services across both countries.
In conclusion, the Australian New Zealand Closer Economic Relations Trade Agreement has been a resounding success, creating a free trade area that has led to increased economic growth, competition, and innovation. It has provided significant benefits for businesses, consumers, and citizens in both countries, and has served as a model for other free trade agreements. As such, it continues to be a crucial component of the economic relationship between Australia and New Zealand.