Regulatory cooperation represents the next stage of evolution between mature regulatory systems. The current model is creating both unnecessary costs and duplicative administrative requirements that are negatively affecting consumers, regulators and regulated parties. Regulatory cooperation is the primary vehicle to bring greater recognition and cohesion between the Canada and United States regulatory systems. However, momentum and meaningful progress has been lost. With an uncertain future for Canada-U.S. regulatory cooperation, urgent action is required to re-establish the trajectory towards success, and NAFTA discussions provide a significant opportunity to establish a new regulatory relationship between our countries.