The name is an analogy to the process to harmonizing discordant music.
The goal is to find commonalities, identify critical requirements that need to be retained, and provide a common standard. For businesses, harmonization cuts compliance costs and simplifies the process of meeting requirements. It also reduces complexity for those tasked with testing and auditing standards compliance.
Harmonization of regulatory standards is seen by economists as a key component in reducing trade costs and increasing interstate trade.
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- Schmidt, Julia; Steingress, Walter (2022). "No double standards: Quantifying the impact of standard harmonization on trade". Journal of International Economics. doi:10.1016/j.jinteco.2022.103619. ISSN 0022-1996.