Ensure An ‘even Playing Field’? Essay Sample

In the future does effective regulation require greater cooperation between sovereign states to

Regulation is important for the countries to survive in the global economy. Effective regulation
can protect the safety, environment and health of the economies while at the same time it
supports growth, market freedom, investment and innovation. While regulations are meant to
enhance the success of the countries, by improvising the mechanisms that are in place, will
ensure cooperation in designing rules and regulations which will lead to greater alignment, thus
making sure that they are properly implemented or enforced. When ineffective regulations
benefitting selfish gains are imposed they not only hinder the trade between countries but also
impose costs on the citizens and businesses of the economies. The global economy is interlinked
and because of its integrated nature, greater alignment and better understanding of the regulatory
environment in different nations can foster a global environment which will give a level playing
field to people all across the world. Everyone including those from the poorest countries will be
able to benefit from this effective regulation. Effective regulation will lead to lower costs for
consumers and businesses, create more efficient supply chains, increase trade and investment,
generate new export opportunities, and create jobs (The White House 2011).

Improvement in regulatory cooperation as well as adopting approaches that are

compatible among several countries will lead to more success for the people in the world. Also
regulatory cooperation can spur economic growth in each country; fuel job creation; lower costs
for consumers, producers, and governments; and particularly help small and medium-sized
businesses. There is much to be gained out of cooperation between sovereign states. Poor
countries from Africa and Asia will be able to raise their voices against the unjustified tariffs and
dumping. Also they will be able to provide a higher standard of living as well as better labor
conditions for the people in their respective countries. Developed nations also stand to gain a lot
much of their resources and labor needs from developing nations. In turn, developing nations act
like a market for their products. Through cooperation and understanding not only will the
developed nations open up international boundaries further for its finished products but also help
in the development of impoverished nations. Today the Greek crisis not only affects the
particular country but the entire world and most importantly other European nations like

Germany and France. So as the countries become more integrated, one countries crisis will not

just be that country’s issue alone. The rest of the world will have to stand up and take notice.

Therefore there is a need for countries to discuss and come up with effective regulations so as to

be able to provide an even playing field for the consumers and producers of the world. Tariffs
and excise duties which are meant to benefit the producers and consumers of a particular country
will only damage the world economy in the longer run and will not foster growth for long.

Therefore in future there is need for countries to form an integrated network, decide on a well

thought scheme of regulations which does not have one size fits all model, and cooperate to
make sure that people of all nations get a fair chance at success and prosperity.

References

Congressional Research Service. 2015. The European Union: Questions and Answers .
[ONLINE] Available at: http://fas.org/sgp/crs/row/RS21372.pdf. [Accessed 20/03/2015].
The White House. 2011. United States Canada Regulatory Cooperation Council. [ONLINE]
Available at:https://www.whitehouse.gov/sites/default/files/us-canada_rcc_joint_action_plan3.pdf. [Accessed 20 March 15].