Chamber launches GRC to combat in-country barriers
18 Jul '07
2 min read
The U.S. Chamber of Commerce launched the Global Regulatory Cooperation Project (GRC) to combat the growing problem of in-country barriers (ICBs), or protectionist and divergent regulations that distort markets and undermine U.S. competitiveness.
"The growing interdependence of the world's economies requires a systematic approach to reducing adverse impacts on trade," said Chamber President and CEO Tom Donohue. "The U.S. and its major trading partners must work to open markets and improve the flow of trade and investment through a vigorous agenda of enhanced regulatory reform and cooperation. The stakes are simply too high not to undertake this effort and succeed."
A concerted effort over the last 50 years to eliminate tariffs and quotas around the world has helped generate prosperity. Despite this progress, market-distorting regulations remain. Protectionist and divergent regulations have consequences every bit as costly as high tariffs.
To reach this goal, the Chamber will pursue many avenues. These include advocating for the creation of a new White House coordinating office, prioritizing and monetizing the impact of ICBs, educating policymakers about the impact of regulations in global markets, creating new regulatory agreements, and strengthening existing trade agreements to successfully secure open and competitive markets.
"Through this new initiative, the Chamber will bring together the business community, the U.S. government, and governments worldwide to urge that specific steps be taken to eliminate in-country barriers to trade," added Donohue. "The goal is to ensure market access and a competitive marketplace for businesses and consumers."
The Chamber launched the GRC project at an event with Al Hubbard, Director, National Economic Council and Co-Chair, Transatlantic Economic Council; Michelle O'Neill, Deputy Under Secretary for International Trade, International Trade Administration, U.S. Department of Commerce; Timothy Stratford, Assistant U.S. Trade Representative, Office of China Affairs, Office of the U.S. Trade Representative; and The Honorable Deborah Platt Majoras, Chairman, Federal Trade Commission.
marketing@alchempro.com
