Good regulatory practices chapter summary

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Regulation is an important tool to deliver better economic and social outcomes, including the protection of health, safety, and the environment. At the same time, regulations should be developed in such a way as to support economic growth. To achieve good regulatory outcomes, governments should follow good regulatory practices, which foster openness, transparency, and evidence-based decision-making. Countries that adhere to good regulatory practices can have confidence in one another’s regulatory systems, which can in turn facilitate trade. Trust in a trading partner’s regulatory systems also helps foster regulatory cooperation, so that regulators across borders can choose to work together to align their regulatory frameworks, resulting in a reduction in unnecessary barriers to trade.

The Canada-United States-Mexico Agreement (CUSMA) preserves Canada’s ability to adopt and apply its own laws and regulations that regulate economic activity in the public interest. CUSMA includes a new chapter on good regulatory practices to further the goal of working together to ensure transparent, predictable and aligned regulatory systems that foster stronger trade relations and protect citizens. The new chapter also recognizes voluntary regulatory cooperation as an important good regulatory practice to facilitate trade and investment among CUSMA partners.

Technical summary of negotiated outcomes: Good regulatory practices chapter

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