Introduction to the review
One of the key issues for New Zealand in any law reform is whether or not the laws of New Zealand and Australia should be aligned as a result of the Closer Economic Relations Trade Agreement (CER). Under CER it is envisaged that the two nations will work to harmonise their commercial law.
The process has received greater emphasis over the last three years with the establishment in August 2009 of the Trans-Tasman Outcomes Framework.
1.19This harmonisation objective will be more easily achieved when the underlying economic circumstances of the two countries are very similar, and also where there is substantial Trans-Tasman activity in the field. In these cases it is desirable that the legal framework in both countries should be sufficiently similar to enable the efficient operation of a market, especially for those companies operating on both sides of the Tasman.