U.S. and Canada create the Regulatory Cooperation Council

WASHINGTON D.C.: The United States and Canada on Friday directed the creation of a Regulatory Cooperation Council (RCC) composed of senior regulatory, trade, and foreign affairs officials from both governments.

The U.S.-Canada RCC will have a two-year period to promote economic growth, job creation, and benefits to consumers and businesses on both countries through increased regulatory transparency and coordination.

The council was created by U.S. President Barack Obama and Canadian Prime Minister Stephen Harper who ordered that the first meeting of the RCC will be convened within 90 days by the relevant agencies of each country.

The creation of the RCC was mad in order to improve regulatory cooperation and adopting compatible approaches for greater prosperity on both countries without diminishing the ability of either country to carry out its regulatory functions according to its domestic and legal policy requirements.

The two leaders agreed that citizens deserve smarter, more effective approaches to regulation that enhance the economic competitiveness, while maintaining high standards of public health and safety and environmental protection.

They also believe that regulatory cooperation can spur economic growth in each country; fuel job creation; lower costs for consumers, producers, and governments; and particularly help small and medium-sized businesses.

In addition, the U.S. and Canada intend to eliminate unnecessary burdens on cross-border trade, reduce costs, foster cross-border investment, and promote certainty for businesses and the public by coordinating, simplifying and ensuring the compatibility of regulations, where feasible.

The United States and Canada share a long history of trade cooperation such as the U.S.-Canada Free Trade Agreement and the North American Free Trade Agreement. At the U.S.-Canada border, nearly one million dollars in goods and services cross every minute.

The United States and Canada committed to work through the RCC to provide early notice of regulations with potential effects across their shared border, to strengthen the analytic basis of regulations, and to help make regulations more compatible.

Obama and Harper agreed that the United States and Canada must work together to make their economies stronger and more competitive, while meeting their fundamental responsibilities to protect the safety and welfare of their citizens.

(BNO NEWS )