There are quite a number of ways in which you can achieve regulatory convergence, which is a term I like better than harmonization. You can have mutual recognition agreements. You can agree on a certain set of standards and leave it up to the individual country or industry or so on how to implement them.
What we need to do is get rid of those differences that are really quite small and develop cooperative approaches to achieving the same regulatory outcomes. In most cases, both countries want the same regulatory outcomes, so why not cooperate?