This article argues that although globalization can benefit both exporters and importers of regulation in absolute terms, it may turn the globalization of regulation into a game with relative winners and losers. Using the EU REACH Regulation of chemicals as a case study, it explores the normative, social, economic, and strategic reasons that push the EU to promote the global adoption of REACH. Notwithstanding its attractions, rules globalization may result in a mismatch between global norms and local priorities, particularly for developing countries. It reduces regulatory diversity, and amplifies the strengths but equally the weaknesses of the dominant regulatory framework. While it can foster international trade through mutual recognition of regulatory decisions and the development of transnational regulatory frameworks, it increases the likelihood of conflict and trade flow desequilibria. The article calls for further careful consideration of rules globalization, so that harmonization does not come at the expense of local interests and values.