Global IssuesInternational OrganisationsAfricaAntarcticaAsiaAustraliaCERSEMDefenceEuropeLatin AmericaMiddle EastNorth AmericaPacific
Start writing the country or territory name in the box. Typing more letters narrows the search. Click "go" or hit "Enter" to go to the information paper on the country or territory.
(We don't have information papers on all countries and territories.)
Although we have tried to use plain English content on the site, you may come across specialist terms and acronyms. Find out what they mean in our glossary of terms.
If you come across a term that isn't included in the Glossary please send us an email.
CER has proved to be a remarkable success, but looking forward CER should continue as a dynamic agreement, adapting to the changing requirements of business in an increasingly inter-dependent world. In this light, the New Zealand and Australian Governments have committed to explore a long-term vision for a seamless trans-Tasman business environment – a Single Economic Market.
The concept of a Trans-Tasman Single Economic Market (SEM) first emerged at government-to-government level at the January 2004 meeting between the New Zealand Finance Minister, Dr Michael Cullen, and the Australian Treasurer, Mr Peter Costello. The two Ministers agreed to a number of initiatives with the long-term goal of enabling a properly constituted New Zealand company to function as a company in Australia as of right and vice versa. These developments were endorsed at a meeting between New Zealand Prime Minister Helen Clark and Australian Prime Minister John Howard on 3 March 2004.
The SEM initiative builds upon the very open trading environment created by CER and related agreements and aims to address behind-the-border impediments to trade. Deeper economic linkages provide bigger markets in which to buy and sell goods and services, allow access to a larger and more varied pool of capital and labour, and open our economy to new ideas and technology. SEM is not about prescribing a particular set of institutional arrangements to govern trans-Tasman markets. Rather, it is about identifying innovative actions that could reduce discrimination and costs arising from different, conflicting or duplicate regulatory requirements. The aim is to ensure that trans-Tasman markets for goods, services, labour and capital operate effectively and support economic growth in both countries.
The SEM also provides an opportunity to work cooperatively to influence international trends and potentially work together to address external challenges facing our two economies.
This last year has seen substantial progress in the SEM work programme, with the completion of a number of important initiatives. These include:
There is a broad range of initiatives currently underway within the SEM work programme. These initiatives can be grouped under the following four themes:
