WELLINGTON, Feb. 3 -- The prime ministers and senior Cabinet ministers of New Zealand and Australia will hold a joint meeting in Sydney this week to discuss the future of the deepening integration of the two countries, New Zealand Prime Minister John Key said Monday.

Key and Australian Prime Minister Tony Abbott, who was elected in September last year, would co-chair the talks from Feb. 6 to 8.

"Australia is New Zealand's closest international partner and our relationship is vitally important to New Zealand's trade and economic interests," Key said in a statement.

The meeting would also be an opportunity to thank Abbott in person for inviting New Zealand to join the G20 meetings, which Australia is hosting this year.

Key would be accompanied by Deputy Prime Minister and Finance Minister Bill English, as well as Economic Development Minister Steven Joyce, Justice Minister Judith Collins, Health Minister Tony Ryall, Environment Minister Amy Adams and Immigration Minister Michael Woodhouse.

"The joint meeting of Cabinet ministers is a good opportunity to set the agenda for the trans-Tasman relationship, and allows ministers to engage directly with their counterparts on a range of issues and identify areas where we can build on our close cooperation," said Key.

"I will also be joined by a sizable New Zealand business delegation. Their participation recognizes the important role two- way trade and investment plays in the relationship between our countries and the integrated nature of our economies under our Closer Economic Relations agreement."

The joint meeting of Cabinet ministers will be the third since 2009.