Commerce watchdogs to cooperate in New Zealand, Canada

New Zealand and Canada are extending the international reach of their commerce watchdogs with the signing of a new cooperation agreement, New Zealand Commerce and Consumer Affairs Minister Paul Goldsmith said Wednesday.

The arrangement between New Zealand's Commerce Commission and the Canadian Competition Bureau would lead to more efficient and effective enforcement of competition and consumer laws in both countries, Goldsmith said in a statement.

"Canada is an important trading partner for New Zealand. Enhancing the cooperation between the two regulators provides a real opportunity for the commission to increase the efficiency of cross-border investigations and achieve good outcomes for New Zealand consumers and businesses," said Goldsmith.

"In this globalized trade environment, businesses are operating across borders and consumers are transacting with businesses in different jurisdictions, so international cooperation of this kind is increasingly important for effective enforcement of competition and consumer law."

It was the Commerce Commission's second international cooperation arrangement allowing it to share compulsorily acquired information and provide investigative assistance, following an arrangement signed with the Australian Competition and Consumer Commission in 2013.