The Organization for Economic Cooperation and Development has drafted a report recommending eight policy principles for regulatory reform in member countries to help spur their economic growth and promote international trade and investment.
The draft report, a copy of which was obtained Friday by The Japan Times, will be submitted to an annual ministerial meeting of the OECD in Paris May 26-27 for endorsement after some modifications are made in response to opinions from its 29 member economies.
The report will serve as a common guideline for the OECD economies to promote deregulation and other regulatory reforms. The OECD has worked on the guideline over the past two years after Prime Minister Ryutaro Hashimoto, then Japanese minister of international trade and industry, proposed the drawing up of such a reform guideline.