Quantas and Air New Zealand have signed a code sharing pact that is waiting for  regulatory approval from their respective governments.

Under the Tasman Networks Agreement the airlines will work together on network, schedule, pricing and marketing initiatives for their Tasman operations.

But the tie-up isn’t likely to get off the ground until late this year, as the pair await Australian Competition and Consumer Commission and New Zealand Minister of Transport regulatory approvals, which could take around six months.

Regulators blocked a proposed alliance between Qantas and New Zealand in 2003.

“For some time we have been exploring avenues for greater cooperation with Air New Zealand,” said Qantas chief executive Geoff Dixon said.via The Age