Banking and Financial Services/International Law/International Trade: Australia and New Zealand Sign Important Investment Protocol

On February 16, the governments of Australia and New Zealand signed an Investment Protocol to the Closer Economic Relations Trade Agreement. According to a new report by Kelly Buchanan of the Library of Congress, and as reflected in press releases by the Australian and New Zealand governments, the Protocol "increases the screening thresholds above which foreign investments require regulatory approval in each country. In Australia, the screening threshold for New Zealand investors will increase from AU$231 million (about US$233.6 million) to AU$1.005 billion (about US$1.016 billion), and in New Zealand, the screening threshold for Australian investors will increase from NZ$100 million (about US$76 million) to NZ$477 million (about US$362 million)."