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Select Committee reports back on Cartels Bill

Hon Craig Foss
Minister of Commerce

14 May 2013

Select Committee reports back on Cartels Bill

Commerce Minister Craig Foss today welcomed the Commerce Select Committee report on a Bill to encourage pro-competitive collaboration.

The Commerce (Cartels and Other Matters) Amendment Bill promotes economic growth by enabling pro-competitive collaboration between firms, while also deterring hard-core cartel conduct.

“This Bill forms an important part of the Government’s Business Growth Agenda and our ambitious goal to increase the ratio of exports to GDP to 40 per cent by 2025,” says Mr Foss.

“It will enable collaborative arrangements that can help businesses innovate and tap into overseas markets. This will be a welcome change for New Zealand’s export industries.

“At the same time the Bill takes a strong stance against hard-core cartel conduct like price fixing and bid rigging and introduces criminal sanctions for egregious behaviour.

“These activities will not be tolerated and anyone engaging in them will be treated the same way as tax evaders, fraudsters and other white collar criminals,” says Mr Foss.

For further information, visit http://www.parliament.nz/en-NZ/PB/SC/Documents/Reports/0/8/4/50DBSCH_SCR5848_1-Commerce-Cartels-and-Other-Matters-Amendment-Bill.htm#feedly?utm_source=feedly

ENDS

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