Australia and New Zealand will fast-track work on a more ambitious Single Economic Market, the program that aims to integrate their economies and reduce barriers for business.

The two countries will expedite efforts to make it easier for businesses to operate in both markets, including by aligning regulations and standards, their trade ministers said in a joint statement on Saturday after meeting in Monarto, South Australia.

READ MORE: Australia, NZ honor military in Anzac Day memorial services

“This is about making it simpler for businesses to trade, invest and grow, not just between our two countries but across the wider region,” said New Zealand Trade Minister Todd McClay.  

McClay and Australian counterpart Don Farrell also discussed how recent global developments were fueling economic uncertainty.

They reaffirmed a shared commitment to open markets and the rules-based trading system, according to the statement.

ALSO READ: NZ sees largest net migration loss to Australia since 2012

The two ministers agreed to pursue “ambitious reform” of the World Trade Organization to improve how it makes decisions, develops new rules and enforces them, it said.