The Government's commitment to the ongoing development of the trans-Tasman single economic market (SEM) agenda was today outlined by Commerce Minister Simon Power.

In a speech to the Institute of International Affairs seminar, Remaking the Trans-Tasman World,   Mr Power reiterated the importance of achieving a seamless operating environment for Australian and New Zealand businesses.

"Our ambition is that a New Zealand company can conduct its business as easily in Australia as it can at home, and vice-versa," Mr Power said.

"The easier we can make it for companies to operate in both New Zealand and Australia by removing unnecessary barriers, the greater the opportunities for business to make substantive productivity gains and take up new opportunities that will underpin long-term business growth."

Mr Power referred to the new intensity and renewed focus on this trans-Tasman bond that Prime Ministers John Key and Kevin Rudd signalled when they met in August. Both committed to accelerating the pace of delivering practical benefits and outcomes to business in a Joint Statement of Intent.

"We have identified a framework of principles and outcomes to drive this", Mr Power said.

"We want to move beyond current constraints and find new options for achieving a stronger trans-Tasman economy."

He said that some of the short- and medium-term outcomes that New Zealand wants to achieve include:

• Enabling trans-Tasman businesses to file company information only once while meeting the requirements of both governments.
  
• Establishing a single set of accounting standards.
  
• Establishing a single insolvency proceeding.
  
• Further exploring the sharing of competition and consumer regulations, and cross representation on the New Zealand Commerce Commission and the Australian Competition and Consumer Commission.

Mr Power also spoke about the parallels between the two countries' reform agendas.

The Commerce portfolio, with responsibility for the framework of laws regulating the broader business environment, is central to accelerating a single economic market. The SEM agenda also includes the wider co-ordination efforts under way in investment and tax policy and portability of superannuation, which is being advanced by the Finance Minister and the Australian Treasurer.

"This is an exciting time for the trans-Tasman relationship. There is a strong rapport between Prime Ministers and between senior ministers."

"There is a high level of shared political commitment to accelerate the pace of achieving a single economic market to provide greater opportunities for businesses from both countries to grow and respond to global opportunities and challenges."

The Prime Ministers' Joint Statement of Intent is available at www.med.govt.nz