Canada and the United States anchor the most competitive, prosperous, and resilient economic region in the world. Together, our countries sustain thriving supply chains and regulatory alignment that promote bilateral trade, with over $3.6 billion ($CAD) worth of goods and services crossing the border each day.
Following a meeting on May 15, 2024 between Treasury Board of Canada President Anita Anand and the Director of the United States Office of Management and Budget, Shalanda Young, both countries have reaffirmed a shared commitment to regulatory cooperation.
The Canada-United States Regulatory Cooperation Council (RCC) is an initiative created in 2011 to facilitate closer regulatory cooperation between the two countries and enhance economic competitiveness by aligning regulatory systems where appropriate, while maintaining high levels of protection for health, safety, and the environment.
The RCC promotes economic growth, job creation, and benefits to consumers and businesses through increased regulatory transparency and coordination. It provides a forum for regulators from Canada and the U.S. to meet with stakeholders, including industry, consumer advocacy groups, and non-government organizations, to identify ways to reduce unnecessary regulatory burden.
As an example, our shared commitment on climate action has led to alignment on our approach to the social cost of carbon.
Minister Anand and Director Young underscored the importance of working together to focus on issues of shared priority. Further discussions between Canada and the United States will help determine where to prioritize regulatory cooperation.
Officials on both sides of the border will work together to identify opportunities to streamline processes and ensure that regulations are suited to modern business realities and encourage innovation, while protecting the health, safety and security of people and the environment.
