Regulatory reform refers to the process of changing existing laws and regulations to improve their effectiveness and efficiency. This can involve simplifying complex rules, eliminating unnecessary regulations, or updating outdated policies. The goal is to create a more favorable environment for businesses and individuals while still protecting public interests, such as health and safety. These reforms often aim to reduce bureaucratic red tape, making it easier for companies to operate and innovate. For example, government agencies may streamline approval processes for new products or services, encouraging economic growth. Ultimately, regulatory reform seeks to balance the needs of businesses with the welfare of the community.