Seoul to put expiration dates on all regulations

By Byun Duk-kun
SEOUL, Jan. 29 (Yonhap) -- South Korea will scrap up to 1,300 government
regulations in the first half of the year and set expiration dates for remaining
economic rules in an attempt to boost the country's business appeal, a
presidential committee said Thursday.
The move aims to keep regulations contemporary and slice through a web of red
tape that many foreign investors see as a complicated barrier to the country's
economy.
All government and presidential orders along with unspoken rules guiding business
practices in Korea will first be put through a review process, according to the
Presidential Committee on National Competitiveness.
Currently, there are some 5,200 government regulations and another 2,500
"unregistered" rules, according to the presidential office Cheong Wa Dae.
About 1,300 regulations that were established more than five years ago or are
considered no longer compatible with current conditions will be scrapped before
the end of June.
The 2,500 unregistered regulations will be identified and put to review within
the first six months of the year, according to the presidential committee. Those
seen as having merit will be legislated; the government will make efforts to
discontinue practice of the others.
Another 1,000 administrative directives or orders will be terminated after three
years unless extended after a thorough review, the committee said. All remaining
economic and social regulations will be screened and given expiration dates
"The committee decided to introduce an expiration system for all regulations to
help make sure that the regulations fit the changing environment through
systematic revisions," the committee said in a press release.
All regulations will be terminated upon their expiration dates unless the
government or related ministries prove in advance their usefulness and
effectiveness, it said.
"Only about 40 have been subject to periodical impact analysis, but once the
expiration system is introduced, the compatibility of regulations will
significantly be raised as about 5,000 regulations will become subject to such
analysis," the committee said.
Established under the incumbent Lee Myung-bak government in March 2008, the
committee seeks to boost the country's growth potential and economic
competitiveness.
Korea was ranked 31st in terms of national competitiveness last year in the World
Competitiveness Yearbook, compiled by Switzerland-based business school IMD. The
committee seeks to pull the country up to 15th by 2012.
bdk@yna.co.kr
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