By Michael Ha
Staff Reporter
The government will start applying the ``sunset law" to all presidential orders and regulations nearing their official expiration dates. Expiring rules would thusly be subject to comprehensive reviews and fact-finding surveys so that outdated or inefficient regulations could be scrapped, according to Cheong Wa Dae Thursday.
The move is part of the government's ongoing efforts to cut regulatory red tape and boost administrative efficiency for corporations and the public. It also aims to attract more foreign investors by fostering a more business-friendly local environment.
The decision was made during a meeting of the Presidential Council on National Competitiveness, held at Cheong Wa Dae.
This change would directly impact some 5,000 government regulations and orders, as well as another set of 2,500 so-called ``unregistered" or unlisted business rules. Of them, some 1,300 regulations that have been in place for more than five years would be subject to an automatic review process. Any rules found to be outdated or ineffective following thorough reviews would be scrapped in the first half of 2009, according to Cheong Wa Dae.
The council stated that all presidential orders and regulations would now be subject to possible termination upon their expiration dates ― unless their effectiveness can be clearly proven. The committee also said hundreds of additional administrative rules and orders effecting economic activities could face elimination after a three-year period unless approved for extension following reviews.
It said that it has ``decided to adopt an expiration and review system for all regulations and directives so that we can ensure the regulations are not burdensome and that they are suitable and compatible with our constantly changing society."
The panel also forecast that the new system is expected to significantly improve the effectiveness and the social compatibility of the regulations. It noted that some 5,000 government regulations and orders would face comprehensive reviews and analysis on a regular basis.
The council was established last March to help boost Korea's growth potential and economic competitiveness.
The group focuses on regulatory reform and deregulatory measures to create a business-friendly atmosphere for domestic and foreign companies. It also aims to promote innovation in the public sector to boost efficiency of the national economy and introduce advancements in institutional infrastructures.