APEC and OECD economies have embraced similar concepts of regulatory quality as the foundation for further progress on regulatory reform. Regulatory quality is at the core of the OECD's 1997 Report to Ministers on Regulatory Reform and the OECD's current in-depth reviews of regulatory practices in its Member economies. In the 1997 Report, Ministers from OECD economies reached agreement on a broad set of principles for regulatory reform, covering economic regulations, social regulations, and government formalities. The September 1999 APEC declaration for supporting growth through strong and open markets included APEC Principles to Enhance Competition and Regulatory Reform. The APEC and OECD principles on regulatory reform are alike in many respects, and can establish the basis for a common agenda and joint work.
A proposal for joint work on regulatory reform was reached in fall 2000 and was endorsed at the APEC Ministerial Meeting on 12-13 November 2000 in Brunei Darussalam. The proposal set out the agreed co-operative initiative for APEC and OECD in the context of implementation of the principles on regulatory reform adopted by the Member economies of the two organisations. The joint work covers 2001 and 2002 and focuses on an exchange of information on good regulatory practices and concepts built around the common agenda established by the APEC declaration and OECD principles.
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