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<h1>2023 OECD Product Market Regulation Evaluation Results</h1>
<ul class="detail-info">
<li class="org"><span>Division</span>Policy Coordination Bureau - Regulatory Innovation Team</li>
<li class="date"><span>Date</span>July 10, 2024</li>
<li class="phone"><span>Tel</span>+82 44 215 4581</li>
</ul>
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<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><br></p>
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: left; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;"> </span></p>
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: left; line-height: 200%;"><span style="font-family: Arial; font-size: 11pt;">The Organization for Economic Cooperation and Development (OECD) announced the results of
the 2023 Product Market Regulation (PMR) indicator on July 10. Korea’s PMR indicator reached the OECD average level for the first time in history and ranked
20</span><sup><span style="font-family: Arial; font-size: 11pt;">th*</span></sup><span style="font-family: Arial; font-size: 11pt;"> among 38 OECD member states, marking its highest position ever. When including 9 non-OECD countries,
Korea ranked 22</span><sup><span style="font-family: Arial; font-size: 11pt;">nd</span></sup><span style="font-family: Arial; font-size: 11pt;"> out of 47 countries.</span></p>
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: left; line-height: 200%;"><i><span style="font-size: 11pt; font-family: Arial;"> </span></i></p>
<p style="margin: 0px 0px 0px 13px; font-size: 10pt; font-family: 바탕, serif; text-align: left; text-indent: -5pt; line-height: 200%;">
<i><sup><span style="font-family: Arial; font-size: 11pt;">* </span></sup></i><i><span style="font-family: 'Times New Roman', serif;"><span style="font-family: Arial; font-size: 11pt;">Compared to the 2018 PMR result, where Korea ranked 33rd, the overall ranking has improved by 13 places.</span><sup><span style="font-family: Arial; font-size: 11pt;"> </span></sup><span style="font-family: Arial; font-size: 11pt;">(Note: The methodology used in this evaluation differ slightly from those used in 2018.)</span></span></i>
</p>
<p style="margin: 0px 0px 0px 6px; font-size: 10pt; font-family: 바탕, serif; text-align: left; text-indent: -5pt; line-height: 200%;"><i><span style="font-family: Arial; font-size: 11pt;"> </span></i></p>
<p style="margin: 0px 0px 0px 20px; font-size: 10pt; font-family: 바탕, serif; text-align: left; text-indent: -10pt; line-height: 200%;">
<i><span style="font-family: 'Times New Roman', serif;"><span style="font-family: Arial; font-size: 11pt;">※ The stronger the regulation, the lower the PMR ranking</span><br>
<span style="font-family: Arial; font-size: 11pt;">(If ranked 1</span><sup><span style="font-family: Arial; font-size: 11pt;">st</span></sup><span style="font-family: Arial; font-size: 11pt;">, regulations are the least stringent; If ranked 38</span><sup><span style="font-family: Arial; font-size: 11pt;">th</span></sup><span style="font-family: Arial; font-size: 11pt;">, regulations are the most stringent)</span></span></i>
</p>
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: left; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;"> </span></p>
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: left; line-height: 200%;"><span style="font-family: Arial; font-size: 11pt;">By categories, the ‘Distortions Induced by State Involvement’ ranked
21</span><sup><span style="font-family: Arial; font-size: 11pt;">st</span></sup><span style="font-family: Arial; font-size: 11pt;">, and ‘Barriers to Domestic and Foreign Entry’ ranked
25</span><sup><span style="font-family: Arial; font-size: 11pt;">th</span></sup><span style="font-family: Arial; font-size: 11pt;">, both nearing the median level among OECD countries. By indicators, Korea received positive assessments in
regulations impact evaluation (3</span><sup><span style="font-family: Arial; font-size: 11pt;">rd</span></sup><span style="font-family: Arial; font-size: 11pt;">), administrative and regulatory burden
(14</span><sup><span style="font-family: Arial; font-size: 11pt;">th</span></sup><span style="font-family: Arial; font-size: 11pt;">), and distortions induced by public ownership
(15</span><sup><span style="font-family: Arial; font-size: 11pt;">th</span></sup><span style="font-family: Arial; font-size: 11pt;">) while ranking lower in barriers in service and network sectors
(24</span><sup><span style="font-family: Arial; font-size: 11pt;">th</span></sup><span style="font-family: Arial; font-size: 11pt;">), involvement in business operations
(36</span><sup><span style="font-family: Arial; font-size: 11pt;">th</span></sup><span style="font-family: Arial; font-size: 11pt;">), as well as barriers to trade and investment
(36</span><sup><span style="font-family: Arial; font-size: 11pt;">th</span></sup><span style="font-family: Arial; font-size: 11pt;">).</span><span style="font-family: Arial; font-size: 11pt;"> </span></p>
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: left; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;"> </span></p>
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;">< Rankings by Key Indicators ></span></b></p>
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;"> </span></b></p>
<table border="1" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none; width: 100%; background-image: none; background-repeat: repeat; background-position: 0% 0%; height: 134px;">
<tbody>
<tr>
<td rowspan="2" style="border-top: 2px solid black; border-left: none; border-bottom: 3px double black; border-right: 1px solid black; padding: 0px 7px; height: 93px; width: 10.1056%; vertical-align: top;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: left; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;"> </span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td colspan="3" style="border-top: 2px solid black; border-left: none; border-bottom: 1px dotted black; border-right: 1px solid black; padding: 0px 7px; height: 34px; width: 44.6456%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;">
<b><span style="font-size: 11pt; font-family: Arial; letter-spacing: -0.2pt;">Distortion<span style="color: rgb(0, 32, 96); font-family: Arial; font-size: 11pt;">s</span> Induced by State Involvement</span></b></p><span
style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td colspan="3" style="border-top: 2px solid black; border-left: none; border-bottom: 1px dotted black; border-right: none; padding: 0px 7px; height: 34px; width: 45.1735%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;">Barriers to Domestic and Foreign Entry</span></b></p><span
style="font-family: Arial; font-size: 11pt;"> </span>
</td>
</tr>
<tr>
<td style="border-top: none; border-left: none; border-bottom: 3px double black; border-right: 1px dotted black; padding: 0px 7px; height: 59px; width: 15.7617%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">Distortions Induced by Public Ownership</span></p><span
style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-left: none; border-bottom: 3px double black; border-right: 1px dotted black; padding: 0px 7px; height: 59px; width: 14.7059%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">Involvement in Business Operations</span></p><span
style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-left: none; border-bottom: 3px double black; border-right: 1px solid black; padding: 0px 7px; height: 59px; width: 14.2534%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">Regulations Impact Evaluation</span></p><span
style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-left: none; border-bottom: 3px double black; border-right: 1px dotted black; padding: 0px 7px; height: 59px; width: 18.0241%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">Administrative and Regulatory Burden</span></p><span
style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-left: none; border-bottom: 3px double black; border-right: 1px dotted black; padding: 0px 7px; height: 59px; width: 13.273%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">Barriers in Service & Network Sectors</span></p><span
style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; padding: 0px 7px; height: 59px; width: 13.9517%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">Barriers to Trade and Investment</span></p><span
style="font-family: Arial; font-size: 11pt;"> </span>
</td>
</tr>
<tr>
<td style="border-top: none; border-left: none; border-bottom: 2px solid black; border-right: 1px solid black; padding: 0px 7px; height: 37px; width: 10.1056%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">2023</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-left: none; border-bottom: 2px solid black; border-right: 1px dotted black; padding: 0px 7px; height: 37px; width: 15.7617%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 12pt; font-family: 'Times New Roman', serif;"><span
style="font-family: Arial; font-size: 11pt;">15</span><sup><span style="font-family: Arial; font-size: 11pt;">th</span></sup></span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-left: none; border-bottom: 2px solid black; border-right: 1px dotted black; padding: 0px 7px; height: 37px; width: 14.7059%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 12pt; font-family: 'Times New Roman', serif;"><span
style="font-family: Arial; font-size: 11pt;">36</span><sup><span style="font-family: Arial; font-size: 11pt;">th</span></sup></span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-left: none; border-bottom: 2px solid black; border-right: 1px solid black; padding: 0px 7px; height: 37px; width: 14.2534%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 12pt; font-family: 'Times New Roman', serif;"><span
style="font-family: Arial; font-size: 11pt;">3</span><sup><span style="font-family: Arial; font-size: 11pt;">rd</span></sup></span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-left: none; border-bottom: 2px solid black; border-right: 1px dotted black; padding: 0px 7px; height: 37px; width: 18.0241%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 12pt; font-family: 'Times New Roman', serif;"><span
style="font-family: Arial; font-size: 11pt;">14</span><sup><span style="font-family: Arial; font-size: 11pt;">th</span></sup></span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-left: none; border-bottom: 2px solid black; border-right: 1px dotted black; padding: 0px 7px; height: 37px; width: 13.273%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 12pt; font-family: 'Times New Roman', serif;"><span
style="font-family: Arial; font-size: 11pt;">24</span><sup><span style="font-family: Arial; font-size: 11pt;">th</span></sup></span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 2px solid black; padding: 0px 7px; height: 37px; width: 13.9517%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 12pt; font-family: 'Times New Roman', serif;"><span
style="font-family: Arial; font-size: 11pt;">36</span><sup><span style="font-family: Arial; font-size: 11pt;">th</span></sup></span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
</tr>
</tbody>
</table>
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: left; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;"> </span></p>
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: left; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">Overall, OECD has assessed that competitive product markets can boost productivity,
employment, and living standards and Korea’s product market regulation indicator is close to the OECD average.</span></p>
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: left; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;"> </span></p>
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: left; line-height: 200%;"><span style="font-family: Arial; font-size: 11pt;">To be specific, Korea’s regulatory barriers to entry and competition in the energy,
transport, and e-communications sectors are higher than the OECD average. Obtaining licenses and permits can be cumbersome for businesses as its licensing regime is more burdensome than the average OECD economy. In terms of regulations of
lobbying activities, Korea is rated highly (8</span><sup><span style="font-family: Arial; font-size: 11pt;">th</span></sup><span style="font-family: Arial; font-size: 11pt;"> in OECD), though transparency requirements imposed on public
officials involved in the regulatory process have room for further improvement. Strict regulations are observed in the service sectors such as energy, fixed e-communications, transport sectors (excluding air transport), retail sale of
medicines, and professional services (lawyers, accountants, architects, real estate agents).</span></p>
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: left; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;"> </span></p>
<p style="margin: 0px 0px 0px 7px; font-size: 10pt; font-family: 바탕, serif; text-align: center; text-indent: -5.9pt; line-height: 200%;">
<b><span style="font-size: 11pt; font-family: Arial;">< Changes in PMR Rankings of OECD Member States ></span></b></p>
<p style="margin: 0px 0px 0px 3px; font-size: 10pt; font-family: 바탕, serif; text-align: center; text-indent: -2.45pt; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;"> </span></b></p>
<table border="1" cellspacing="0" cellpadding="0" style="margin-left: 8px; border-collapse: collapse; border: none; width: 100%; background-image: none; background-repeat: repeat; background-position: 0% 0%;">
<tbody>
<tr>
<td rowspan="2" style="border-top: 2px solid black; border-left: none; border-bottom: 3px double black; border-right: none; padding: 0px 7px; height: 70px; width: 24.0573%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;">Country</span></b></p><span style="font-family: Arial; font-size: 11pt;">
</span>
</td>
<td colspan="6" style="border-top: 2px solid black; border-left: none; border-bottom: 1px solid black; border-right: none; padding: 0px 7px; height: 34px; width: 75.9427%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;">Ranking</span></b></p><span style="font-family: Arial; font-size: 11pt;">
</span>
</td>
</tr>
<tr>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; padding: 0px 7px; height: 36px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;">1998</span></b></p><span style="font-family: Arial; font-size: 11pt;">
</span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; padding: 0px 7px; height: 36px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;">2003</span></b></p><span style="font-family: Arial; font-size: 11pt;">
</span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; padding: 0px 7px; height: 36px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;">2008</span></b></p><span style="font-family: Arial; font-size: 11pt;">
</span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; padding: 0px 7px; height: 36px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;">2013</span></b></p><span style="font-family: Arial; font-size: 11pt;">
</span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; padding: 0px 7px; height: 36px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;">
<b><span style="font-size: 12pt; font-family: 'Times New Roman', serif;"><span style="font-family: Arial; font-size: 11pt;">2018</span><sup><span style="color: rgb(0, 32, 96); font-family: Arial; font-size: 11pt;">a</span></sup></span></b>
</p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 3px double black; padding: 0px 7px; height: 36px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;">2023</span></b></p><span style="font-family: Arial; font-size: 11pt;">
</span>
</td>
</tr>
<tr>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 34px; width: 24.0573%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;">OECD member states</span></b></p><span
style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 34px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">28</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 34px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">30</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 34px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">30</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 34px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">34</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 34px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">38</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 34px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;">38</span></b></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
</tr>
<tr>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 24.0573%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;">The United Kingdom</span></b></p><span
style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">1</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">1</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">2</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">2</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">1</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;">4</span></b></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
</tr>
<tr>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 24.0573%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;">France</span></b></p><span style="font-family: Arial; font-size: 11pt;">
</span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">18</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">17</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">15</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">22</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">29</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;">11</span></b></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
</tr>
<tr>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 24.0573%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;">Germany</span></b></p><span style="font-family: Arial; font-size: 11pt;">
</span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">15</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">19</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">8</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">7</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">4</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;">16</span></b></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
</tr>
<tr>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; background: rgb(219, 229, 241); padding: 0px 7px; height: 33px; width: 24.0573%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;">Korea</span></b></p><span style="font-family: Arial; font-size: 11pt;">
</span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; background: rgb(219, 229, 241); padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">21</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; background: rgb(219, 229, 241); padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">22</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; background: rgb(219, 229, 241); padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">26</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; background: rgb(219, 229, 241); padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">31</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; background: rgb(219, 229, 241); padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">33</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; background: rgb(219, 229, 241); padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;">20</span></b></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
</tr>
<tr>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 24.0573%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;">Japan</span></b></p><span style="font-family: Arial; font-size: 11pt;">
</span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">13</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">4</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">9</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">16</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">23</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;">29</span></b></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
</tr>
<tr>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 24.0573%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;">The United States</span></b></p><span
style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">3</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">5</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">21</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">27</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">34</span></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
<td style="border-top: none; border-right: none; border-left: none; border-image: initial; border-bottom: 1px solid black; padding: 0px 7px; height: 33px; width: 12.6697%;">
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: center; line-height: 200%;"><b><span style="font-size: 11pt; font-family: Arial;">32</span></b></p><span style="font-family: Arial; font-size: 11pt;"> </span>
</td>
</tr>
</tbody>
</table>
<p style="margin: 0px 0px 0px 40px; font-size: 10pt; font-family: 바탕, serif; text-align: left; text-indent: -18pt; line-height: 200%;"><span style="font-size: 12pt; font-family: 'Times New Roman';"><span
style="font-family: Arial; font-size: 11pt;">a.<span style="font: 11pt / 200% Arial;"> </span></span></span><span style="font-size: 11pt; font-family: Arial;">The updated 2018 PMR, with some member
countries added to the statistics in 2021.</span></p>
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: left; text-indent: 12pt; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;"> </span></p>
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: left; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;">The government will continue to strive for Korea’s regulatory environment to be
reasonably evaluated in the international community and recognized as an excellent market system both domestically and internationally. In particular, following the Dynamic Economic Roadmap announced this July, efforts will persistently
be made to improve major regulations that do not meet global standards, including sectors identified as somewhat deficient in the evaluation, to support the unhindered business activities of Korean enterprises.</span></p>
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: left; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;"> </span></p>
<p style="margin: 0px; font-size: 10pt; font-family: 바탕, serif; text-align: left; line-height: 200%;"><span style="font-size: 11pt; font-family: Arial;"><br></span></p>
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PRESS RELEASES
2023 OECD PRODUCT MARKET REGULATION EVALUATION RESULTS
* DivisionPolicy Coordination Bureau - Regulatory Innovation Team
* DateJuly 10, 2024
* Tel+82 44 215 4581
ATTACHMENT
* _MOEF Press Release_ 2023 OECD PMR Indicators_Jul 10.docx Download Preview
* _MOEF Press Release_ 2023 OECD PMR Indicators_Jul 10.pdf Download Preview
The Organization for Economic Cooperation and Development (OECD) announced the
results of the 2023 Product Market Regulation (PMR) indicator on July 10.
Korea’s PMR indicator reached the OECD average level for the first time in
history and ranked 20th* among 38 OECD member states, marking its highest
position ever. When including 9 non-OECD countries, Korea ranked 22nd out of 47
countries.
* Compared to the 2018 PMR result, where Korea ranked 33rd, the overall ranking
has improved by 13 places. (Note: The methodology used in this evaluation differ
slightly from those used in 2018.)
※ The stronger the regulation, the lower the PMR ranking
(If ranked 1st, regulations are the least stringent; If ranked 38th, regulations
are the most stringent)
By categories, the ‘Distortions Induced by State Involvement’ ranked 21st, and
‘Barriers to Domestic and Foreign Entry’ ranked 25th, both nearing the median
level among OECD countries. By indicators, Korea received positive assessments
in regulations impact evaluation (3rd), administrative and regulatory burden
(14th), and distortions induced by public ownership (15th) while ranking lower
in barriers in service and network sectors (24th), involvement in business
operations (36th), as well as barriers to trade and investment (36th).
< Rankings by Key Indicators >
Distortions Induced by State Involvement
Barriers to Domestic and Foreign Entry
Distortions Induced by Public Ownership
Involvement in Business Operations
Regulations Impact Evaluation
Administrative and Regulatory Burden
Barriers in Service & Network Sectors
Barriers to Trade and Investment
2023
15th
36th
3rd
14th
24th
36th
Overall, OECD has assessed that competitive product markets can boost
productivity, employment, and living standards and Korea’s product market
regulation indicator is close to the OECD average.
To be specific, Korea’s regulatory barriers to entry and competition in the
energy, transport, and e-communications sectors are higher than the OECD
average. Obtaining licenses and permits can be cumbersome for businesses as its
licensing regime is more burdensome than the average OECD economy. In terms of
regulations of lobbying activities, Korea is rated highly (8th in OECD), though
transparency requirements imposed on public officials involved in the regulatory
process have room for further improvement. Strict regulations are observed in
the service sectors such as energy, fixed e-communications, transport sectors
(excluding air transport), retail sale of medicines, and professional services
(lawyers, accountants, architects, real estate agents).
< Changes in PMR Rankings of OECD Member States >
Country
Ranking
1998
2003
2008
2013
2018a
2023
OECD member states
28
30
30
34
38
38
The United Kingdom
1
1
2
2
1
4
France
18
17
15
22
29
11
Germany
15
19
8
7
4
16
Korea
21
22
26
31
33
20
Japan
13
4
9
16
23
29
The United States
3
5
21
27
34
32
a. The updated 2018 PMR, with some member countries added to the
statistics in 2021.
The government will continue to strive for Korea’s regulatory environment to be
reasonably evaluated in the international community and recognized as an
excellent market system both domestically and internationally. In particular,
following the Dynamic Economic Roadmap announced this July, efforts will
persistently be made to improve major regulations that do not meet global
standards, including sectors identified as somewhat deficient in the evaluation,
to support the unhindered business activities of Korean enterprises.
Please refer to the attached files.
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