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Regulatory Policy in Korea

Towards Better Regulation

image of Regulatory Policy in Korea

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.

 

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Assessment and recommendations

Korea has established significant institutions, processes and tools to support good regulatory practices across successive administrations since the late 1990s. For example, within the executive, there is an independent oversight body – the Regulatory Reform Committee (RRC) – assessing the quality of all regulations. More recently a Cost-in, Cost-out system aims at managing the flow of regulation by off-setting regulatory costs of new regulatory proposals with the elimination of existing regulatory burdens. This also marks a shift in regulatory governance from “cutting” regulations to improving the quality of regulatory outcomes. Senior officials also invest considerable time and effort to improve regulations. A network of officials across central administrative agencies, led by the Prime Minister’s Office, is expected to ensure quality of regulation from the national to the local level. The Investment Committee on Emerging Industry provides a good example of a strategic and forward-looking view to new and future industries. A number of bodies and procedures have also been established to ease the burden of regulation on Small and Medium Enterprises (SMEs), which represent a key engine of growth in Korea.a

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