South Korea to promulgate fully revised version of Act on Circular Economy Society Promotion to further promote recycling

On July 31, 2023, the Ministry of Environment (hereinafter "MOE" or "the Ministry") of South Korea announced that it would give preliminary notice of legislation on a draft decree to fully revise the Presidential Decree and Enforcement Rules of the Act on Promotion of Transition to a Circular Economy Society (hereinafter "the Circular Economy Act") to promote the efficient use of resources and the recycling of wasted materials. The draft Decree specifies the concept of "circular raw materials," and related procedures including designation and notification of circular resources and the special exception allowed under the circular economy regulations (a.k.a. "regulatory sandbox") system, as stipulated by the Circular Economy Act.