Parties agree to pass revision bills to ease business regulation during extraordinary session

The floor leaders and top lawmakers of the ruling and opposition agreed Friday to work on legislation to ease business regulation and develop high-tech industries during the ongoing extraordinary session. 

Officials from the ruling Democratic Party(DP), the main opposition Liberty Korea Party(LKP) and the minor opposition Bareunmirae Party met early in the morning to discuss to pass the key economic and regulatory reform bills. The meeting came a day after President Moon jae-in had meeting with the floor leaders and policy chiefs of three parties.

The senior officials of the ruling and opposition parties agreed to pass key economic and regulatory reform bills during the August extraordinary session. They merged with their respective bills aimed at designating new business locations and districts with regulatory advantages. 

However, there are few deregulation proposals in currently pending at the National Assembly as the parties are adjusting to differ on details. The DP has submitted a law revision to create regional special zones while the rival parties’ proposals urged across the board deregulation in designated industries. 

The floor leaders have agreed to put a bill integrating three regulatory revision bills proposed by each party. They will also review and judge them and then vote at plenary session scheduled to be held on August 30th. 

[WikiLeaks Korea= By Lee Kyung Ah]