Fed: Australia/NZ economies much closer since FTA signed: Vaile
SYDNEY, Aug 22 AAP - A free trade agreement between Australia and New Zealand had broughtthe two economies much closer together, into what was virtually a single market, TradeMinister Mark Vaile said today.
Mr Vaile said the Closer Economic Relations (CER) agreement, signed 20 years ago, hadalso increased bilateral trade between Australia and New Zealand fivefold.
"Clearly the CER is more than a free trade agreement - it is one of the most successfulexamples of economic integration in the world," Mr Vaile told a business breakfast inSydney.
"Australians and New Zealanders are both banking at the same banks, driving the samecars, buying the same whitegoods, and eating similar foods, although we back differentcricket teams and different rugby teams," he said.
"I am certainly confident that we will continue to work together in areas that arestill left to be addressed in the relationship that will bring our two economies and twocountries much closer together," Mr Vaile said.
"Bilateral trade alone between Australia and New Zealand has expanded fivefold sincethe signing of the agreement in 1983."
The bilateral trade figure for 2001/2002 had been $16.2 billion, he said.
"New Zealand is now Australia's fifth largest export market, and Australia is New Zealand'sprincipal trading partner," Mr Vaile said.
"Trade has grown at approximately nine per cent per annum over the past decade."
Australia was now the largest foreign investor in New Zealand, with investments worthmore than $21 billion, he said.
Meanwhile, New Zealand had more than $12 billion invested in Australia, making it Australia'sninth largest source of investment.
AAP ca/ld/apm/de
KEYWORD: TRADE NZ
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