Good Regulatory Policy Needed To Fulfill Nation’s Interest

December 12, 2012 16:20 PM

PUTRAJAYA, Dec 12 (Bernama) — Better governance and sound institutions would lower transaction costs, reduce uncertainty and level the playing field in society, said Malaysia Productivity Corporation (MPC) director-general Datuk Mohd Razali Hussain.

Therefore, he said, it was very important to have a good regulatory policy to ensure the government regulatory machinery worked effectively, beside the regulatory framework and regulations being of optimal quality to meet policy objectives and fulfill public interest.

Mohd Razali said, it was also important to strengthen the country’s economic performance and competitiveness at international level, towards promoting good regulatory practice (GRP).

“In order for ministries to ensure the quality of new regulations, we must have a standardised and systematic process of Regulatory Impact Analysis (RIA) application. RIA is an evidence-based process of informing policy decision and based on clear definition of good regulation.

“Nowadays, the Malaysian approach is towards better regulation which calls for open government, including transparency and participation in the regulatory process to ensure that regulation serves public interest,” he said in his speech at the seminar on Enhancing Quality of New Regulations here Wednesday.

Source: BERNAMA

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