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New Zealand and Australia Sign Historic Trade Agreement
New Zealand and Australia have strengthened their economic ties by signing the Comprehensive Strategic Partnership (CSP) on 31 March 2021, a historic trade agreement that aims to boost trade, investment, and cooperation between the two countries. The CSP covers a wide range of areas, including goods, services, investment, people, and innovation, and is expected to create new opportunities for businesses, workers, and consumers in both countries.
The CSP builds on the existing Trans-Tasman Economic Relationship (TTER), which is one of the world`s most integrated and liberalized trade relationships, and sets a new framework for deeper integration and collaboration in the post-COVID-19 era. The CSP includes several key outcomes that reflect the shared interests and values of New Zealand and Australia, such as:
– Elimination of remaining tariffs on goods: Both countries will eliminate tariffs on all goods traded between them, including agricultural products, by 2022, which will benefit exporters and consumers alike.
– Mutual recognition of professional qualifications: Both countries will recognize each other`s professional qualifications for 50 professions, which will facilitate the movement of skilled workers and enhance labor mobility.
– Cooperation on innovation and research: Both countries will collaborate on science, technology, and innovation, including joint research projects, commercialization of intellectual property, and promotion of startup ecosystems, which will foster innovation and competitiveness.
– Enhanced cybersecurity and digital trade: Both countries will cooperate on cybersecurity, digital trade, and e-commerce issues, including data protection, privacy, and consumer trust, which will enhance the resilience and security of the digital economy.
– Strengthened people-to-people links: Both countries will facilitate easier travel, study, and work between them, including through a new pathway for New Zealanders to apply for permanent residency in Australia, which will deepen the social and cultural ties between the two countries.
The CSP has been welcomed by both governments and business groups, who see it as a positive step towards greater regional cooperation and integration. The Prime Ministers of New Zealand and Australia, Jacinda Ardern and Scott Morrison, respectively, have emphasized the importance of the CSP as a “milestone” in the history of the two countries` relations, and a “template” for future partnerships in the Pacific and beyond. The CSP has also been praised by the World Trade Organization (WTO) as a “remarkable achievement” that demonstrates the value of trade liberalization and collaboration in promoting inclusive and sustainable development.
However, the CSP also faces some challenges and concerns, particularly in the areas of labor rights, indigenous rights, and environmental standards. Some critics argue that the CSP does not go far enough in addressing these issues, and that it may exacerbate the inequalities and vulnerabilities of some workers and communities. Therefore, it is important for both countries to ensure that the CSP is implemented in a responsible and transparent manner, and that its benefits are shared fairly and equitably among all stakeholders.
Overall, the CSP offers a promising vision of a closer and more prosperous partnership between New Zealand and Australia, and a model for how trade agreements can address not only economic issues, but also social, cultural, and environmental concerns. As both countries continue to face global challenges and opportunities, such as climate change, digital disruption, and geopolitical tensions, the CSP provides a strong foundation for cooperation and resilience, and a reason for optimism and optimism for the future.