The Closer Economic Relations Trade Agreement (CERTA) is a trade agreement signed between the governments of Australia and New Zealand in 1983. This agreement is considered one of the most comprehensive and successful bilateral trade agreements in the world. It has played a critical role in strengthening the trade and economic relationship between the two countries.
CERTA aims to remove trade barriers and establish a free trade area between Australia and New Zealand. It covers a wide range of trade issues, including goods, services, investment, and intellectual property. The agreement has helped to create a common market between the two countries, which has facilitated the movement of goods and services across borders.
One of the key benefits of the CERTA agreement is the elimination of tariffs on goods traded between the two countries. This has led to a significant reduction in the cost of doing business, making it easier for Australian and New Zealand companies to trade with each other. The agreement has also helped to promote competition, which has resulted in lower prices for consumers.
Another important aspect of the agreement is the liberalization of trade in services. This has created new opportunities for businesses in both countries to offer their services to consumers across the Tasman Sea. The agreement has also made it easier for Australian and New Zealand companies to invest in each other`s economies, which has led to increased economic growth and job creation.
Intellectual property is another area covered by the CERTA agreement. It provides for the protection and enforcement of intellectual property rights, including patents, trademarks, and copyrights. This has helped to encourage innovation and creativity, which has led to the development of new products and technologies.
In conclusion, the Closer Economic Relations Trade Agreement has been a vital component in the economic relationship between Australia and New Zealand. It has helped to break down trade barriers, promote competition, and facilitate the movement of goods and services between the two countries. As a result, it has contributed to the economic growth, job creation, and increased prosperity of both nations.