Korean Party Announces Pledge to Establish Ministerial-Level Regulatory Reform Office, Declares "War Against Regulation"...

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[Asia Economy Reporter Lee Ji-eun] The Liberty Korea Party announced on the 4th that it will revitalize the economy through regulatory reform, including the establishment of a ministerial-level regulatory reform organization.

The Liberty Korea Party's Hope Pledge Development Team announced a 'Regulatory Reform Pledge' on the same day, focusing on ▲ the establishment of a Regulatory Reform Office ▲ the legalization of the Regulatory Cost Management System ▲ regulatory impact analysis on legislations proposed by lawmakers.

Instead of the Regulatory Reform Committee, which is currently only an advisory body, they plan to establish a ministerial-level permanent organization directly under the Prime Minister, independent in budget and personnel, called the 'Regulatory Reform Office (tentative name),' to promote sustainable regulatory reform unaffected by changes in administration. Additionally, as a fundamental measure for regulatory reform, a 'Regulatory Innovation Organization' involving personnel from the private sector, government, and politics will be established within the Liberty Korea Party and the 21st National Assembly.

The Regulatory Cost Management System will be legalized. Although the system officially launched after a two-year pilot project starting in 2014, no official report on its performance has been released since 2017, and it has failed to achieve regulatory cost reduction effects. Going forward, the plan is to improve two or more regulations for each new important regulation. Furthermore, for legislations proposed by lawmakers, which have become a source of excessive regulations, a procedure for verifying the validity of regulations, including the submission of regulatory impact analysis reports, will be established.

The Liberty Korea Party stated, "The current government's regulatory sandbox is effectively nullified in the field due to lack of communication between ministries, the need for a unified regulatory reform control tower, and passive administrative handling by public officials. Instead, it operates as a new regulation, failing to fulfill the purpose of the system," and added, "With the determination and attitude to wage a war against regulations, we will establish a continuous regulatory reform system that is highly felt by businesses and the public, abolish regulations, expand corporate investment, and supply quality jobs through this."

This content was produced with the assistance of AI translation services.