Chapter 28: Australia and New Zealand Closer Economic Relations (ANZ-CER)
Page 259 28 Australia and New Zealand Closer Economic Relations (ANZCER) Australia and New Zealand (ANZ) are both members of APEC. Indeed, Australia joined Japan in the leadership role in economic regionalization in the AsiaPacific as early as the 1960s. Long before APEC was officially instituted in 1989, the first nonofficial AsiaPacific economic grouping—the Organization for Pacific Trade and Development (OPTAD) became an entity in the 1970s with Japan, Australia, New Zealand, Canada and the United States. Eventually, the fivemember OPTAD broadened its membership to countries in East and Southeast Asia, and then in 1991 to Hong Kong, China and Taiwan—and the nonofficial forum, Pacific Economic Cooperation Conference (PECC) came into being. We have argued that much of this AsiaPacific happening was due to the push factor, originating in the fastevolving economic regionalization in Western Europe. The movement was reinforced by the pull factors from the high rate of economic growth of NIEs in East Asia and in Southeast Asia. In this general context, the economic grouping of Australia and New Zealand in the South Pacific presents yet another facet of regionspecific common economic regime. Both Australia and New Zealand are resourcerich, highincome economies with small population bases. Thus, the economic structures of Australia and New Zealand ‘‘with a specialization in primary commodities” differ very much from those of most East and Southeast Asian economies. It is interesting to compare the population and land area figures of...
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