The creation of the new Wool Industry Network in New Zealand- which included Wool Partners International and Wool Grower Holdings - was a "model for change" in wool marketing, said Mr Petersen.
"The aim is to encourage a significant number of producers to become shareholders in the new marketing organisation. We want to achieve a true value change because the time is right for consumers to link back to wool.
The new Cooperative would seek to consolidate the clip, unify wool growers, collaborate with the industry and innovate in the market.
Mr Petersen, who finishes 10,000 lambs and 800 bulls on his own farm in New Zealand, admitted that it wouldn't be easy to tackle the long-term problems of low wool prices but he told the conference that sheep production in New Zealand was undergoing "massive upheaval" as sheep and beef were being driven on to higher ground to make way for the huge increase in dairying.
Since 1990 there had been a 28% reduction in grassland used for beef and sheep set against a 64% increase in land being grazed by dairy cows.