Trade Minister Tim Groser was claiming “astonishing” progress towards the single economic market between Aust and NZ out of the annual CER Ministerial Forum held in Canberra this week. Groser who doesn’t hold back with a bit of political hyperbole says a recommendation has been agreed for a new investment protocol, one of the most significant elements to be injected into the CER framework since the original treaty was agreed 27 years ago. The two countries are close investment partners, with the total accumulated investment between them standing at over $NZ110bn. The investment deal essentially raises the limit on capital able to be invested by one country in the other, without being subject to scrutiny by the respective regulatory authorities.

Besides the investment protocol, the forum also approved a revision of the Rules of Origin and a memorandum of understanding on the co-ordination of business law. The forum, which included Commerce and Agriculture Ministers besides the respective Trade Ministers also discussed sensitive issues such as the WTO ruling on NZ’s case for trade in apples, and imputation credits. It is expected the investment protocol will go forward to receive the stamp of approval from the country’s two leaders, due to meet in Wellington next week. But Kevin Rudd’s schedule has been thrown into doubt by the latest leadership rumble in Canberra, with his deputy Julia Gillard mounting a challenge, and at the time of writing, in line to become Australia’s first female PM. (Full details see Australian Edition.)

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