The primary objective of this APEC-OECD meeting was to develop future co-operation with APEC in the area of regulatory reform and share the draft OECD Recommendation on Regulatory Policy and Governance with APEC economies.
The Economic Committee agreed to undertake work on strengthening the implementation of good regulatory practices on a number of fronts. OECD proposed to assist APEC in assessing the potential economic benefits of regulatory reform. During the meeting we presented analysis, gathered largely from Economic Policy Reforms 2011: Going for Growth on the potential economic and productivity benefits that the OECD APEC countries could realize if they converged towards OECD best practices. This work would need to be developed over the medium-term in co-operation with ECO.
OECD also highlighted its work in Indonesia and Vietnam, where it is undertaking reviews of regulatory reform and administrative simplification respectively. Discussion around the table indicated that the OECD can be a useful resource to assist other APEC economics in the development of institutions and capacities to implement good regulatory practices. Three areas of work were identified for specific action: internal coordination of regulatory policy, regulatory impact assessment, and public consultation mechanism. The first initiative in this regard will be a workshop sponsored by New Zealand to which the Organisation will make a contribution.
OECD also outlined its draft OECD Recommendation on Regulatory Policy and Governance at the meeting. The OECD has longstanding co-operation with APEC which culminated with the 2005 APEC-OECD Integrated Checklist on Regulatory Reform. While the Checklist remains relevant, OECD argued that the underlying coverage of principles and recommendation supporting regulatory reform and improving regulatory quality should be expanded in the light of more recent of both the OECD and APEC, as well as resulting from the financial crisis and the ensuing and ongoing economic downturn. There was strong interest and support for the Recommendation around the table and OECD plans to continue discussion to see how the Recommendation can support the Economic Committee’s work on regulatory reform.