Review of Trans-Tasman MOU on Coordination of Business Law Signed - Minister of Commerce Media Statement

[ Last Updated 27 April 2007 ]

Short Description New Zealand Commerce Minister Lianne Dalziel and Australian Treasurer Peter Costello today signed a revised Memorandum of Understanding on Coordination of Business Law between Australia and New Zealand.

Author Hon Lianne Dalziel, Minister of Commerce

New Zealand Commerce Minister Lianne Dalziel and Australian Treasurer Peter Costello today signed a revised Memorandum of Understanding on Coordination of Business Law between Australia and New Zealand.

The revised MOU reaffirms both countries' commitment to coordination of trans-Tasman business law and commits both countries to working together to reduce impediments to trans-Tasman commerce.

The revised MOU also sets new priority areas for trans-Tasman business law coordination and acknowledges several important developments in the trans-Tasman environment, such as the objective of a trans-Tasman single economic market.

A review of the previous MOU (signed in August 2000), the report of which is also being released today, shows that substantial progress has been made in relation to the current work programme.

Several items have been completed, including legislation governing electronic transactions, while other items, such as an agreement on mutual recognition of securities offerings (which is also being signed today) are due to be implemented shortly.

In addition, significant work has been progressed on:

Information-sharing and cooperation between regulators; and
coordination of accounting standards through the Trans-Tasman Accounting Standards Advisory Group which led to a regional policy forum on International Financial Reporting Standards with representatives from Japan, Hong Kong, Singapore, China, Korea, Malaysia, Thailand, Indonesia and the Philippines.

The review also found overwhelming support in the trans-Tasman business community for trans-Tasman coordination of business law and for the MOU's continuing relevance.

Ms Dalziel and Mr Costello welcomed the revised MOU and acknowledged the important role it would continue to play in reducing barriers to trans-Tasman commerce and trade.

"The Memorandum of Understanding has been a success in improving the trans-Tasman business environment. We are confident that the Memorandum of Understanding will continue to provide benefits to both countries over the next five years," they said.