The meeting between 25 rental vehicle companies was convened by the Tourism Industry Association New Zealand (TIA) and the Rental Vehicle Association New Zealand (RVA) in Auckland this week.
Concerns about the safety of tourist drivers prompted the group to unanimously agree to develop the code as a matter of urgency.
Last week, a petition by Sean and Cody Roberts, 10 and 9, was heard by a parliamentary select committee.
The boys helped gather more than 31,000 signatures on the petition, calling for tourists to be required to sit a practical test before driving in New Zealand.
The petition started after their father, Grant Roberts, died in a 2012 crash caused by a visitor who had been in New Zealand for one day.
The Transport and Industrial Relations select committee heard from the two boys, as well as their mother, Mel Pipson.
The family applauded the code of practice, but said they would like to see a competency test also rolled out - not necessarily a driving test, but one that would quiz a driver's understanding of road rules and signs, for example.
Mr Foss said at this stage the Government was ruling out making tourist drivers sit a test.
"But there is nothing to stop any rental company making decisions as to who they rent their cars to."