Digital product labelling is being introduced which Regulations Minister David Seymour says will allow for real-time updates, lower costs and save space currently taken up by physical labels.
By Russell Palmer of RNZ
Separately, over-the-counter medicine labelling will be aligned with Australia's, so that companies need not produce specific labels for New Zealand.
Seymour said a national standard was being developed for digital labelling, which had been unavailable in New Zealand but was expected to generate $111 million over 10 years.
"Currently exporters face extra compliance costs preparing products for overseas markets, while consumers miss out on global goods because importers face differences in labelling requirements," he said.
"Kiwi exporters want to be able to use digital labelling to convey product information. It allows labels to updated in real time, reduces costs associated with physical labels which have limited space and are difficult to update, and supports export growth because international markets are moving ahead with digital product information."
He said the digital labels would not replace physical labelling but would give businesses the option to adopt the current global standard.
Seymour said the change for over-the-counter medicines would make New Zealand a more attractive place for companies to sell them.
"Medicines sold at pharmacies in Australia must be specially re-labelled in line with New Zealand labelling requirements so they can be sold at Pharmacies in New Zealand," he said.
"The harsh reality is that international companies don't consider it a privilege to invest in New Zealand. We are a small market. If we force international companies to pay a premium to stock their products on our shelves, they won't bother. Other countries are cheaper, have larger populations and more customers."
The changes come as a result of a review of product labelling by the Ministry for Regulation.
Seymour said decisions on the rest of the review were yet to be made.
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