Introduction Closer economic relations Trade agreement History of the agreement The government reviews the results of the agreement Future directions Parliamentary audits Conduct the survey Visit of the delegation to New Zealand Structure of the report Relations between Australia and New Zealand, also known as transtasmanic relations, are extremely close. Both countries share a British colonial heritage as antipodean dominions and settler colonies, and they are both part of the broader Anglosphere.  New Zealand sent representatives to the constitutional congresses that led to the union of the six Australian colonies, but decided not to join. During the Buren War and both World Wars, New Zealand soldiers fought alongside Australian soldiers. In recent years, the free trade agreement “Closer Economic Relations” and its predecessors have moved towards ever-converging economic integration. Despite some common similarities, Australian and New Zealand cultures also have their own differences and there are sometimes disagreements that some have declared symptomatic of sibling rivalries.  This often focuses on sport and the economic tensions resulting from the failure of Ansett Australia and Australia`s long-term ban on the import of New Zealand apples.  The ERC grew out of a previous free trade agreement, which entered into force in 1966, and the Trans-Tasman Travel Arrangement of 1973, which allowed Australian and New Zealand citizens to travel, live and work in each other.2 The 2013 CERN Investment Protocol is an ambitious investment agreement and maintains THE STATUS OF THE REB as one of the most comprehensive free trade agreements in the world. The protocol reduces compliance costs and provides greater legal certainty for cross-Channel investors by providing for higher thresholds for the control of foreign investments. On 14 December 1982, the Prime Ministers of Australia and New Zealand signed an agreement on RECs, which allowed the agreement to enter into force on 1 January 1983. The treaty itself was signed on 28 March 1983.3 In 1983, the New Zealand and Australian authorities signed a comprehensive trade agreement – the Australia New Zealand Closer Economic Relationship Free Trade Agreement (CER).
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