A key feature of a market economy is the relentless effort of businesses to create outstanding regulatory and fiscal environments in order to drive down costs and increase their competitive advantage. In fact, it could be said that the vast majority of regulatory reforms have been initiated on the basis of reducing cost burden of regulation.
With that said, regulatory competitiveness cannot simply be reduced to “less regulation.” A competitive regulatory environment will be one with agile, innovative, and collaborative approaches to regulatory governance, with the ability to proactively respond to market changes.
Regulators serve a critical role in assisting governments that strive to create a competitive and sustainable society. The centerpiece of this role – the strategy – is informed by the principles of regulatory excellence.