Covid-19 is an unexpected global pandemic that has forced governments to take unprecedented measures to protect people's lives. Over half the global population is under some form of lockdown. The Covid-19 has a significant impact on trade; due to lack of movement by people, the trade activities have reduced drastically.
Priorities were about to be given to speed up implementing an electronic-based system for custom procedures to respond more efficiently to meet the requirements of a single market, including transit operations.
Avoiding unnecessary trade restrictiveness and applying competition principles are some of the trade and investment-free regulatory objectives. The policymakers should seek regulations that are not more restrictive than the necessity to fulfill the legitimate aim, considering the risks that non-fulfillment would create. These approaches should be performance-based rather than designed standards as the basis of technical regulation.
Enhancing market openness through regulatory reforms is very important. The most prime principles for enhancing market openness are transparency and decision making. Transparency helps in the boosting of confidence in trade and the global market.
Regulation needs to be transparent to foreign traders and investors. Bringing a systematic publication of proposed rules before entry into force can be a useful measure for regulating transparency at both domestic and international levels.
A prime aspect of transparency arises from the administrative procedure for the elaboration and adoption of domestic regulation. Therefore, it is essential to review some of the key steps involved to address the transparency and friendliness of this procedure.
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