"Regulatory reform" refers to making changes or improvements to the rules and regulations that govern various industries or sectors. It involves reviewing and adjusting these regulations to enhance efficiency, competitiveness, and effectiveness while ensuring consumer protection and public safety. The aim is to streamline bureaucratic processes, reduce unnecessary burdens, or address any outdated or ineffective policies. Ultimately,
regulatory reform aims to strike a balance between facilitating economic growth and maintaining appropriate oversight and standards.
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