Memorandum of Understanding on Coordination of Business Law between Australia and New Zealand

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In August 2000, Australia and New Zealand signed a Memorandum of Understanding on the Coordination of Business Law (MOU). The MOU provides for coordination between Australia and New Zealand on issues related to business law to create a mutually beneficial trans-Tasman commercial environment. The MOU can be found on the Department of Foreign Affairs and Trade website.

The MOU provides for a review every five years. On 25 July 2005, the review called for submissions, of which around 30 were received.

The submissions endorsed the continued relevance of the MOU, while offering a number of useful suggestions in relation to enhancing its effectiveness and in relation to the work programme.

Officials from the Australian Treasury and from the New Zealand Ministry of Economic Development have completed the report and it has been presented to the Australian Treasurer, the Hon Peter Costello and the New Zealand Minister of Commerce, the Hon Lianne Dalziel. In addition, Mr Costello and Ms Dalziel signed a revised Memorandum of Understanding on 22 February 2006.

The revised Memorandum of Understanding and the final report on the review of the 2000 Memorandum of Understanding are attached.

The joint press release by Mr Costello and Ms Dalziel is available from the Treasurer's website.

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