By putting red tape in scare quotes, do you want to express an opinion that every regulation is good and red tape is just a myth? More papers, more prosperity, without any limits or any inflection point?
The UK has argued for the Brexit with red tape removal, in practice this meant less protection.
Standards are useful. To be outside a large population area of standardization and regulation only means, that nobody cares about your small-country standards and that the population gets the worst of both worlds: inferior local standards and very little influence in international standards.
