PMs commit to growing trans-Tasman digital economy

Prime Minister Scott Morrisson and New Zealand Prime Minister Jacinda Ardern have committed to collaborating to grow the trans-Tasman digital economy at the Australia-New Zealand Leaders’ Meeting.

At the meeting, the two Prime Ministers directed officials to consider the findings and proposed actions of a recently published joint report into methods to achieve this goal.

The report, prepared by the Australian and New Zealand Productivity Commissions, explored areas for reforming the institutional and regulatory settings of the two nations to maximise growth opportunities.

Findings and recommendations include using digital technology to simplify trade arrangements and reduce limitations on cross-border data sharing, strengthening cooperation between trans-Tasman agencies, and taking action to strengthen the consumer protection in trade agreements.

The report also recommends creating joint standards to support growth in the digital economy, collaboration on the development of open banking standards and the formulation of joint digital policies such as cross-border recognition of digital identities.

Morrisson and Ardern welcomed the report's focus on addressing barriers to digital trade, and committed to strengthening cooperation on areas including e-procurement, payment practices, digital identity and company director identification.

To support this, the Prime Ministers announced the creation of the Australia and New Zealand Electronic Invoicing Board (ANZEIB), which will seek to deliver joint savings of $30 billion over 10 years across the two markets through the adoption of e-invoices.

At the meeting, the co-chairs of the Australia New Zealand Leadership Forum (ANZLF) and other business leaders committed to working with government to streamline payment practices and implement e-invoicing.

Another technology-related area of focus for discussions between the Prime Ministers was cybersecurity. The leaders welcomed recent joint activities under the Australia New Zealand Science, Research and Innovation Cooperation Agreement, including the launch of a trans-Tasman cybersecurity research program.

They also committed to continuing close cooperation and information sharing on cybersecurity and national security issues, including foreign interference in the democratic systems of the two nations.

Image credit: ©stock.adobe.com/au/V&P Photo Studio

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