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TRANS-TASMAN ECONOMIC TALKS

The Treasurer will meet with his counterpart, the New Zealand Minister of Finance and Deputy Prime Minister, Dr Michael Cullen on Monday 29 January 2007 in Wellington, New Zealand for talks on Trans-Tasman economic relations.

These annual meetings, which commenced in 2003, have been a valuable opportunity for the Ministers to address regional economic issues and move towards the long-term goal of achieving a single economic market.

The range of measures implemented since these meetings commenced reflect the strong bilateral relationship that exists between the two countries.

The importance of this relationship is evidenced by the size of the trade figures with New Zealand, which is Australia’s third largest investment destination and fifth largest trading partner. In 2005-06, bilateral trade with New Zealand amounted to almost $20 billion.

Topics for discussion at this year’s meeting include advancing the single economic market between the two countries, achieving sustainable growth for both countries and progressing the Memorandum of Understanding on business law.

MELBOURNE 28 January 2007

Contact: Renae Stoikos 0418 568 434