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The Future of Asia 2012

NZ Minister Calls For 'Regulation Coherence' To Reduce Trade Barriers

Thursday, May 24, 2012

TOKYO (Nikkei)--In an increasingly globalized world, regulators in different countries need to communicate with each other to reduce barriers to trade, Craig Foss, New Zealand's minister for commerce and broadcasting, said at the Future of Asia conference here Thursday.

"Globally, we are seeing fewer and fewer barriers at the borders, including reduced tariffs," Foss said. "There must be regulatory coherence between different regions."

The minister said he thinks regulatory coherence will make it easier for small and medium sized enterprise to participate in the supply chain by reducing "government-created costs and problems."

Regulatory coherence means to improve the process by which regional countries develop regulations, and to find common acceptable standards.

New Zealand will soon launch a Ministry of Business, Innovation and Employment, which Foss says will be internationally focused and work to resolve regulatory problems.

Titles of speakers, names of companies, etc., were correct as of the time when the forum was held.