WELLINGTON, Sept. 4 (Xinhua) -- New Zealand and Australia have accelerated work toward a more ambitious single economic market, following the annual Closer Economic Relations Trade Ministers' Meeting in Auckland on Friday.
New Zealand's Trade and Investment Minister Todd McClay and Australian Trade and Tourism Minister Don Farrell welcomed a series of initiatives aimed at deepening economic integration and reducing the cost of doing business between the two countries, said a New Zealand government statement.
The initiatives include a new program of trans-Tasman business-government collaboration focusing on regulatory coherence and common standards, supply chains, climate adaptation, defense industry collaboration, space, innovation and technology, the statement said.
The two countries will also advance regulatory and standards alignment, with a 30-percent increase in joint trans-Tasman standards enabled by a new agreement signed by Standards New Zealand and Standards Australia, it said, adding that the ministers also agreed to coordinate regional and global trade engagement.
New Zealand will also send a trade mission to Australia's Brisbane to ensure that its businesses take advantage of procurement opportunities presented by the Brisbane 2032 Olympic and Paralympic Games, according to the New Zealand government. ■