President Barack Obama and Canadian Prime Minister Stephen Harper are partnering to improve border security in a move that will likewise improve economic competitiveness.

"The Canada-U.S. partnership on security and economic competitiveness must evolve continually if we are to stay strong and address future security and commercial concerns," Harper said. "This declaration sets the stage for more effective, long-term collaboration in these areas. It also respects the sovereignty of both countries and the privacy of our citizens."

The leaders announced the creation of the U.S.-Canada Regulatory Cooperation Council (RCC), which will ease regulation burdens across many industry sectors to make businesses of all sizes - but especially small businesses - more competitive.

"The review of these rules is an exceptional opportunity to break down regulatory barriers and prevent new ones from being introduced," Harper said. "The main goal is to make it easier for Canadian and American firms to do business on both sides of our shared border, leading to more jobs and growth in both Canada and the U.S."

Regulatory cooperation on both sides of the border could create strong economic opportunities for Canada and the United States.