Austrade chief economist Tim Harcourt believes Australia and New Zealand may become one market in the near future, if the two federal governments can agree on a single legal and tax system.
“Harmonisation of the legal and tax systems will help reduce costs and improve trade inefficiencies,” he said.
“Closer Economic Relations (CER) between Australia and NZ has been an unqualified success… Intellectual property, information sharing, cross-recognition of companies and competition law are all on the agenda for creating a Single Economic Market.”
Harcourt also mentioned that Austrade and its counterpart, Trade and Enterprise New Zealand, were already working together on many ‘ANZAC’ trade missions to third markets.
Results from the DHL Trans-Tasman Traders survey showed wide support for reclassifying flights between Australia and New Zealand as ‘domestic’, with 93 percent of all exporters in favour.