A Multi-National Approach
Page 77 5— Closer Economic Relations Agreement 1 In 1983 Australia and New Zealand formed a free trade area under an agreement known as the Australia New Zealand Closer Economic Relations Agreement (ANZCERTA or CER for short). Free trade in goods (but not all services) was achieved between Australia and New Zealand in 1990. This ended a sevenyear adjustment period in line with the Agreement and the 1988 Review of this Agreement. CER has treated goods and services differentially. From the point of view of promoting competition, some of the measures which have been adopted by the two countries with the effect of making goods and services markets more competitive have been adopted unilaterally and some in the context of the CER Agreement. Policies to Promote Competition in the CER Countries In both countries the scope of policy directed at competition has been broad even if not always explicit. Competition law is but one of several instruments that has aimed to promote competition; others include industry deregulation, privatization and the reduction of restrictions on foreign capital flows. An important connection was made at a policy level between reducing artificial market entry barriers and enhancing the competitive process. In combination the progressive reduction in border barriers to trade, the lessening of restrictions on the inflow of foreign capital and the microeconomic reforms have had the effect of opening up Australian and New Zealand markets—notably to foreign investors and foreign traders, and to competition for goods and services including non...
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