51 The relevant committee (RIC or CRC) may use its review and review of the notification as a basis for identifying opportunities for support and cooperation activities that, in any event, must be coordinated with other committees and bodies established by the treaty. In its first notification, each party outlines the measures taken and the measures it intends to implement, including: (i) the establishment of an agency or mechanism to facilitate effective inter-institutional coordination and review of covered projects or proposals for regulatory measures; (ii) encourage their competent regulators to carry out impact assessments; (iii) ensure that covered regulatory projects or proposals are made available; (iv) review of regulatory actions already taken and v) issue an annual notice on the relevant regulatory measures, which will be adopted or amended over the next 12 months. In its subsequent submissions, each party must describe the actions taken since the previous report and its implementation plans. PAAP, art. 15 bis9; TPP, art. 25.9; Chile-Uruguay Free Trade Agreement, art. 15.8. It is not uncommon for political problems to have several solutions that can be implemented by different legal means. There are several reasons why regulatory discrepancies can occur: local preferences, public policy decisions, information asymmetries and network effects, including (Chirico and Larouche, 2013: 12-15). In addition, the legal framework and social norms inherited from countries of the past have strong characteristics related to trajectories that limit the transnational convergence of legal systems in themselves, and countries generally choose rules that coincide primarily with their own traditions (Glaeser and Shleifer, Reference Glaeser and Shleifer2002; La Porta et al., Reference La Porta, Lopez-De-Silanes und Shleifer2008). To answer this question, we consider in Grossman et al.
(2019) an environment in which people residing in different countries have different assessments of the properties of goods and services that reflect local conditions, hisies and cultures, or what Lamy (2016) calls “collective preferences.” To address the north-north regulatory convergence issues that arise in the transatlantic trade and investment partnership and other regional negotiations, we are looking at horizontal product standards. These standards for product attributes are objectively neither better nor worse, but simply different, and these different attributes are evaluated differently from one country to another. Horizontal product standards reflect the types of issues that are at the heart of the Transatlantic Trade and Investment Partnership negotiations. how harmonization of standards for bumper energy absorbers and windshield wiper systems in the automotive sector, livestock medicines and additives banned in the field of processed foodstuffs and data protection, to name a few.1 High transparency standards applied on a non-discriminatory basis can ensure that stakeholders understand the impact of legislation and legislation on them and ensure their consistent application (ibid.). The checklist discusses the involvement of domestic and foreign stakeholders in the creation of regulations through appropriate public and public consultation procedures.