Progress towards Single Economic Market with Australia

Commerce Minister Craig Foss has welcomed the passage of a Bill that enables greater cooperation between the Commerce Commission and its international counterparts.

The Commerce Commission (International Co-operation, and Fees) Bill passed its third and final reading today.

“This Bill is another step towards creating a Single Economic Market with Australia,” says Mr Foss.

“The Commerce Commission will be able to provide investigative assistance to similar overseas regulators, such as the Australian Competition and Consumer Commission.

“It supports the Commerce Commission in enforcing competition, consumer and telecommunication laws in the context of global business today. It promotes open, fair and effective markets, which will benefit New Zealand businesses and consumers,” says Mr Foss.

The Bill also makes minor amendments to allow the Commission to provide refunds, where appropriate, and for fee exemptions for particular groups, in relation to clearance and authorisation applications for proposed mergers and acquisitions.