Better Regulation for Freer Trade
Council on Foreign Relations, Policy Innovation Memorandum No. 22, June 2012
4 Pages Posted: 1 Oct 2012 Last revised: 4 Oct 2012
Date Written: June 19, 2012
Changes in the way the world trades have increased the importance of regulation in international commerce. Fewer goods and services originate “from” any one place or any one supplier, but rather consist of components and tasks from multiple suppliers scattered across several countries. Consistent, adequate, and predictable regulation is essential to the success of these global supply chains, but remains elusive. Without international coordination, national regulations and private standards have proliferated. The resulting cacophony has done little to promote U.S. exports or effective regulatory oversight. The United States should pursue regulatory integration on a regional basis and in the areas where the interests of trade officials, national regulatory authorities, and exporting nations overlap. A new White House initiative on international regulatory cooperation launched this month provides the opportunity to implement this strategy.
Keywords: Trade, Regulation, Global Health, Development, OIRA, TPP, Trans Pacific Partnership
JEL Classification: JE13, I18, G18, O1, O2
Suggested Citation: Suggested Citation