The next step for the Australian and New Zealand governments is to continue on the path of economic integration and create a customs union through a common external customs duty and a common competition policy. New Zealand and Australia already have a common competition policy, but they are unlikely to have a common external tariff. [Citation required] The 2013 ERC Investment Protocol is an ambitious investment agreement and maintains the status of the RECs as one of the most comprehensive free trade agreements in the world. The protocol reduces compliance costs and provides greater legal certainty for cross-Channel investors by providing for higher thresholds for the control of foreign investments. The Australia New Zealand Closer Economic Agreement (ANZCERTA), which entered into force in 1983, was Australia`s first bilateral agreement. New Zealand and Australia are committed to creating a seamless trans-Channel economic environment, which will allow New Zealanders to do business in Australia as easily as it is possible to do business in and around New Zealand. This is called the internal economic market (SEM) and is built on the basis of the CER agreement. . . .