USA and Canada set up council for regulatory cooperation

US President Barack Obama and Canadian Prime Minister Stephen Harper have announced the creation of a United States-Canada Regulatory Cooperation Council (RCC), composed of senior regulatory, trade and foreign affairs officials from both governments. This Council commits both countries to finding ways to reduce and prevent regulatory barriers to cross-border trade, because simplifying rules and reducing red tape lead to lower costs for business and consumers and, ultimately, to more jobs, it is claimed.

In recognition of the two nations’ $1,000 billion annual trade and investment relationship, the RCC has a two-year mandate to work together to promote economic growth, job creation, and benefits to our consumers and businesses through increased regulatory transparency and coordination. The President and PM have directed that the first meeting of the RCC be convened within 90 days by the relevant agencies in the US and Canada.

The two leaders said they have taken this initiative because they believe that their citizens deserve smarter, more effective approaches to regulation that enhance the economic competitiveness and well-being of the USA and Canada, while maintaining high standards of public health and safety and environmental protection. Improving regulatory cooperation and adopting compatible approaches will lead to greater prosperity on both sides of the border and will in no way diminish the sovereignty of the USA or Canada or the ability of either country to carry out its regulatory functions according to its domestic and legal policy requirements.