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International Regulatory Co-operation

The world has never been more interconnected, but different country-specific norms and rules apply in different parts of the world. Sometimes, it is for good reasons—specific rules and norms cater for specific preferences or have historical roots and would bring little benefits to change. But sometimes divergences threaten coordinated policy action, hamper interoperability, and raise unnecessary costs for businesses and citizens. The Organisation for Economic Co-operation and Development (OECD) (2013) notes the increased internationalisation of regulation through a wide variety of international regulatory cooperation (IRC) mechanisms. Governments use and combine a broad range of formal and informal, broad and specific mechanisms to achieve their co-operation objectives. As a result, countries are embedded in webs of regulatory cooperation that go beyond the traditional treaty-based model of international relations. This note discusses the different forms of IRC, and current knowledge about their respective benefits and challenges based on the OECD (2013). Details

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