Bridges Simon: Third Readings — 
Text is incorporated into the Bound Volume 
Bridges Simon: Third Readings — 
[Sitting date: 27 September 2012. Volume:684;Page:5788. Text is incorporated into the Bound Volume.] 
Hon SIMON BRIDGES (Minister of Consumer Affairs) 
on behalf of the Minister of Commerce: I move  
That the Commerce (International Co-operation and Fees) Amendment Bill the Credit Contracts and Consumer Finance (International Co-operation) Amendment Bill the Fair Trading (International Co-operation) Amendment Bill and the Telecommunications (International Co-operation) Amendment Bill be now read a third time 
. The legislation plays an important role in supporting the Government’s objective of a single economic market with Australia. It builds on other single economic market initiatives progressed by the Government over the past 12 months such as the Trans-Tasman Proceedings Act. The aim of this legislation is to facilitate enhanced cooperation between the Commerce Commission and the Australian Competition and Consumer Commission and other overseas competition and consumer regulators. The legislation aims to achieve this by enabling the Commerce Commission to use its statutory powers and information acquired through use of its statutory powers to assist the Australian Competition and Consumer Commission and overseas regulators in other countries. This in turn should enhance the commission’s ability to obtain assistance from overseas regulators for its own investigations. 
I would like to quickly outline some of the key features of the regime in the legislation. Firstly the proposed amendments operate on the principle of reciprocity. This should ensure that cooperation arrangements under the legislation result in benefits to New Zealand. Secondly the legislation provides flexibility in the type of cooperation arrangements to be used. By allowing both Government to Government and regulator to regulator types of agreements it allows us to tailor our approach to cooperation agreements with different countries as is appropriate. Thirdly and very important although the regime enhances the commission’s ability to assist overseas competition and consumer regulators it recognises that in doing so there need to be appropriate public interest safeguards. 
The legislation provides such safeguards at two levels. Firstly it does so through requiring specific matters to be taken into account at a ministerial level. Such matters are broad and include having regard to the legal framework in the overseas country and the potential consequences to New Zealand businesses and consumers of a cooperation arrangement. Secondly and separately once a cooperation arrangement is in place the legislation requires specific matters to be considered by the commission on a case by case basis. Providing safeguards at both levels is important in ensuring that appropriate consideration is given to public interest matters at different stages. It should also promote confidence in the integrity and implementation of cooperation arrangements under the legislation. 
Overall the legislation further implements the Government’s commitment to making further progress towards a single economic market with Australia. In doing so the legislation equips the commission with modern-day tools to combat anti-competitive behaviour and enforce consumer laws in the international context of business today. 
I would like to thank everyone who has contributed to the legislation including the members of the Commerce Committee the Parliamentary Counsel Office officials and the members of the public and industry representatives who participated in the various submission and policy processes. I want also to acknowledge other parties in the House for their support of this legislation. 
I commend these bills to the House and move that they be read a third time.