An effort to improve the efficiency of federal governments and agencies.

Treasury Board President Shafqat Ali has launched a review to eliminate duplication and outdated rules to improve access and delivery of services.

Prime Minister Mark Carney says the review is necessary for economic reasons.

“It’s time to make government more efficient, make its processes more effective, and to catalyze more private capital so we can build the strongest economy in the G7,” says Carney in a release.

“Cutting unnecessary red tape is essential to unlocking Canada’s full economic potential,” adds Ali.

A newly created Red Tape Reduction Office will oversee the review, with reports from Ministers responsible coming within 60 days on the progress made.

The Canadian Federation of Independent Business (CFIB) estimates the combined cost of regulation to businesses from all three levels of government at $51.5 billion, with approximately $17.9 billion attributed to red tape.

A study by the CFIB found businesses were spending an average of 735 hours (92 days) navigating various regulations.