Maryscott (Scotty) Greenwood: Cracking the Code on Regulatory Cohesion | National Newswatch
North Americans may not have heard of the Canada/U.S. Regulatory Cooperation Council. But whether you’re a C-suite executive, a shareholder, a small business owner or just doing some shopping, the RCC is working to tackle the red tape and regulatory burdens that often vex consumers and businesses alike, not to mention the regulators themselves.
Indeed, differing regulations between the U.S. and Canada — the world’s most successful trading partners — have had the unintended consequence of hindering the flow of goods and services in our integrated economy, raising prices and eating into business productivity and profitability on both sides of the border.
The Canadian American Business Council successfully called for the creation of the RCC in 2011. At the urging of the CABC, the council was launched by President Barack Obama and Prime Minister Stephen Harper to great fanfare among businesses on both sides of the border. Regulatory harmonization, concurrently, took a back seat — which is ironic, because the small and medium-sized companies most plagued by regulatory hurdles are the very firms the U.S., Mexico and Canada want playing a greater role in North American trade under the USMCA.
But the pandemic also showed us we can work across borders to deploy personal protective equipment and life-saving vaccines. We must use what we’ve learned since March 2020 to help the North American economy rebound by tackling counterproductive regulatory redundancy. Doing so will boost efficiencies in cross-border trade and ease supply chain woes while cutting costs for both governments and businesses of all sizes, as well as everyday Canadians and Americans.
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