Coventry North West MP Geoffrey Robinson has called for business leaders to come forward with ideas on how to lighten the burden of red tape.
The Government is asking for businesses to point out needless or badly-enforced regulations as part of its latest push.
Mr Robinson is holding a Better Regulation forum at Coventry & Warwickshire Chamber of Commerce on September 9.
He said: "I am delighted the Government is making sure our regulation system is simpler and smarter.
"But I recognise the concerns of businesses that badly-targeted regulation can hold back enterprise and I am here to listen to what reforms should be put in place to help business grow, and how we can improve the system so we can cut red tape while maintaining standards for working people.
"The potential economic gains from stripping away the burden of unnecessary regulation are enormous. Independent studies suggest reform could boost the British economy by as much as £20 billion. In public services, cutting back on unnecessary inspection will free up staff time and resources to treat patients and teach pupils.
"The truth is, it is the businesses, unions and employees who know what regulations work and which are being badly enforced."
Annette Fitzgerald, head of policy at the chamber, welcomed the effort.
She said: "It is something we at the Chamber have been lobbying the Government over for some time now. Red tape is one of the greatest bugbears for firms in this area and is something our members have highlighted to us as a strain on their business."