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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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Foreword and Acknowledgements

Regulatory reform has been a top priority in Korea for several successive administrations. Reforms have included the Sinmungo, which alerts the government to unnecessary burdens on business and citizens, and a “Cost-in, Cost-out” system that restricts the cost increase of new or amended regulations by abolishing or relaxing regulations that produce equal or greater costs. Korea also created a Regulatory Reform Committee, composed of government and public sector representatives, to scrutinise laws and regulations. Maintaining momentum for reform in Korea will be essential for producing tangible results and supporting sustainable inclusive growth, raise productivity and encourage innovation.

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