New Zealand wants to be brought into an exclusive security tent pitched by Australia, the United Kingdom and the United States as the three partners work to streamline the transfer of military tech.
The trilateral AUKUS agreement - under which Australia will acquire nuclear-powered submarines - has resulted in reduced red tape with the potential to unlock billions of dollars worth of investments.
The first stage of the pact is locked between the three nations as it spans the sharing of sensitive nuclear secrets and technology but the second, which involves the development of new technology, may be opened to partners.
Following a meeting between the Australian and New Zealand prime ministers in Canberra on Friday, the leaders "acknowledged New Zealand's interest in exploring potential collaboration on advanced capability projects" in a joint communique.
"There will be opportunities for New Zealand to participate in pillar two just as we reached out in Japan and other countries," Australia's Anthony Albanese said following the annual leaders' meeting.
"What we're talking about here is technology and its application.
"Interoperability between our two defence forces is a priority ... it makes sense therefore, when we are considering pillar two of the AUKUS agreement, to engage like-minded countries."
The exchange of one and two-star generals between the trans-Tasman defence forces ensured "there is as much co-operation as possible", Mr Albanese said.
The two nations' defence ministers are also working toward a revamped defence relationship statement by the end of 2024.
There is also a commitment to boost their joint presence in the Pacific.
"We want to be working together as much as possible wherever we can be," NZ Prime Minister Chris Luxon said.
Australia is also working toward streamlining defence co-operation with the US and UK.
Licence-free trade will be enabled for more than 70 per cent of defence exports from the US to Australia that are subject to regulations, from September 1.
Some 900 export permits will be eliminated, freeing up defence exports valued at $5 billion annually to the US and UK.
Defence Minister Richard Marles branded it "the final step in establishing effectively a defence free trade zone".
"This is really important in terms of our ability to build our future submarines," told ABC News on Friday.
Two hundred export permits required for defence products shipped from the UK to Australia, worth more than $129 million per year, will also be removed.
