Regulatory Policy in Korea
Towards Better Regulation
Regulatory reform has been a top priority in Korea for several successive administrations. Maintaining momentum for reform in Korea will be essential for producing tangible results and supporting inclusive growth, productivity and innovation. The Regulatory Reform Review of Korea provides key insights into a mature regulatory system and follows two previous Regulatory Reform Reviews of Korea completed in 2000 and 2007. It identifies a number of areas where improvements could help Korea reap the full benefits of the reforms introduced so far.
It stresses the need for a clear strategy for regulatory policy in order to make better use of the resources deployed.
Also available in: Korean
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Institutional infrastructure for regulatory management in Korea
This chapter provides insight on the oversight bodies and administrative agencies responsible for regulatory reform in Korea. It highlights the functions and co-ordination arrangements among different government institutions through the use of regulatory quality management tools and the implementation of the initiatives aimed at reducing regulatory burdens such as Cost-in, Cost-out (CICO), regulatory reform Sinmungo, and regulatory sunset clause. It also presents the different capacity building activities that have been carried out by the Korean government to strengthen and improve the implementation of these initiatives.
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