Hon Simon Power

Minister of Commerce

24 November 2010
Media Statement

Minister welcomes changes to Commerce Commission international co-operation bill

Commerce Minister Simon Power has welcomed changes to a bill which enables greater co-operation between the Commerce Commission and its international counterparts.

Mr Power said the Commerce Commission (International Cooperation and Fees) Bill is particularly important to advancing the Single Economic Market Outcomes Framework announced by the New Zealand and Australian Prime Ministers in August last year.

“This bill will allow for better trans-Tasman enforcement of competition and consumer laws by enabling the commission to share information with the Australian Competition and Consumer Commission, and other regulators responsible for monitoring unfair trading practices and anti-competitive behaviour.

“International co-operation between regulators is becoming increasingly important in the global marketplace, and these changes will directly benefit New Zealand businesses and consumers by promoting open, fair, and effective markets."

Australia introduced similar legislation in 2007 to allow the Australian Competition and Consumer Commission (ACCC) to share information with New Zealand and other regulators.

More information on the SEM Outcomes Framework is available on the Ministry of Economic Development website here.

ENDS

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