Australian And NZ Commissions Sign Agreement

Australian and New Zealand Commissions sign agreement

New Zealand's Commerce Commission has signed a cooperation agreement with the Australian Competition and Consumer Commission that will make it easier for the two commissions to coordinate activities.

Both commissions are responsible for enforcing competition and consumer law, and for market regulation.

The new Cooperation Agreement between the ACCC and the Commerce Commission was signed today by Commerce Commission Chair, Ms Paula Rebstock, and ACCC Chairman, Mr Graeme Samuel, at the Commerce Commission's Wellington office.

The new agreement replaces a 1994 Memorandum of Understanding between the Commerce Commission and the ACCC's predecessor, the Trade Practices Commission.

Ms Rebstock said the agreement is a major advance in the already strong relationship enjoyed by the two Commissions.

"This agreement reflects the closer relationship that has developed between the two Commissions over the years and will provide a sound basis for working closely together in the future," Ms Rebstock said. "Given the emergence of global cartels and global mergers, trans-Tasman cooperation is becoming increasingly important."

"As business becomes more global, competition agencies need to look beyond their national borders," she said.

Mr Samuel said the agreement will help both countries to effectively enforce competition and consumer law.

"The New Zealand and Australian economies are highly integrated, with close collaboration under the Australia New Zealand Closer Economic Relations Trade Agreement, and very similar competition and consumer policy," he said. "This agreement will boost competition and consumer enforcement on both sides of the Tasman."

In 2006 the two Commissions signed up to a trans-Tasman merger protocol to facilitate decisions on mergers and acquisitions.

ENDS

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