New Zealand is officially joining the space race.

MPs have passed the Outer Space and High-Altitude Activities Bill, which regulates commercial space operations.

Rocket Lab is one of the companies which will benefit - their goal is to launch one commercial rocket a week.

CEO Peter Beck told Andrew Dickens the bill puts Kiwis in a multi-billion dollar industry.

"There's about eleven countries that have been to orbit, and if you look at those countries, the vast majority are super powers, so it really allows New Zealand to play with the big boys."

Minister Simon Bridges said it will make the country a launching pad for the world.

"This will help position New Zealand as an internationally competitive location for space activities."

The bill will come into force at the end of the year.

LISTEN ABOVE AS ROCKETLAB CEO PETER BECK SPEAKS WITH ANDREW DICKENS