Closer Economic Relations has benefited New Zealand enormously over the past 20 years.
Since CER was signed in 1983, the gap in the balance of trade has closed considerably.
Statistics NZ figures show that in the year to June 1980, the difference in value between New Zealand's exportsand imports from Australia was 49 per cent - in Australia's favour. In 1983 - the year CER was signed - the gap was 52 per cent.
But by last year, that gap had narrowed to 15 per cent.
And in some years, it has been even closer. In 1995, New Zealand's exports to Australia were worth $4.34 billion, just 2.3 per cent less than imports.
The value of New Zealand's exports grew by 859 per cent between 1980 and last year - from $634 million to $6.08 billion.
Australia's imports grew at the same time by 641 per cent, from $945 million to $7.01 billion.
The figures show that transtasman trade has grown virtually annually since the deal was signed.
Most years the trade balance has been in Australia's favour - but not by much. In 1993 and 1994, New Zealand recorded a small trade surplus.
CER has accelerated transtasman economic integration.
It has also given fledgling exporters here a chance to take the first tentative steps into a foreign (but similar) market.
