New Zealand and Australia's governments have committed to further strengthening the closer economic relationship (CER) that has linked the two countries for nearly 30 years.
Prime ministers John Key and Julia Gillard say a joint study by the productivity commissions of both countries, released on Thursday, identifies ways to boost productivity, improve competitiveness and create deeper economic integration.
"This report from the two productivity commissions presents the most important opportunity for many years to shape the next steps in trans-Tasman economic integration in this the Asian Century," Ms Gillard said.
"The report provides a thoughtful analysis of our economic relationship and considers the scope for its future development to create jobs and boost productivity for both Australia and New Zealand."
Mr Key says the report's 30 recommendations will help achieve the shared goal of a single economic market to increase trade and create a "seamless business environment" across the Tasman.
"The governments of Australia and New Zealand are firmly committed to further strengthening our economic relations," the prime ministers said.