Today President Obama issued an Executive Order to promote international regulatory cooperation and encourage federal agencies to find ways to reduce regulatory inconsistencies with our trading partners. The President’s directive is an encouraging step because regulatory hurdles affecting cross-border trade of goods reduce our global competitiveness and harm manufactures. By reducing these international regulatory burdens, manufacturers in the U.S. will have improved access to foreign markets – a key to the health of our economy.
The Executive Order requires a regulatory working group – chaired by the Administrator of the Office of Information and Regulatory Affairs (OIRA), the federal government’s regulatory gatekeeper – to identify international regulatory cooperation opportunities and develop and issue guidelines that will improve the global regulatory climate for U.S. exporters. The order also requires regulatory agencies to consider the international impact of their rule makings. International cooperation can be invaluable in reducing the regulatory challenges confronting U.S. firms.
With 95 percent of the world’s consumers living outside of the United States, international trade is essential for job creation. Reducing the regulatory barriers with our trading partners will help make trade with manufacturers in the U.S. more competitive and open up even more markets to manufacturers.
Erik Glavich is director of legal and regulatory policy, National Association of Manufacturers.