Korea's Finance Minister Favors More Open Regulatory Environment Korea's top economic policymaker said in Washington last month that Seoul is open to any suggestions that may change its screen quota system, a major target of criticism by the United States for blocking Hollywood's greater access to the Korean market and standing in the way of a closer bilateral trade relationship. "In an open society and at a time when the government is seeking international openness, I think we have to exchange views and opinions about whether there is any other system to replace the current one," Finance-Economy Minister Han Duck-soo said. Han qualified his remarks by saying that the existing system has been approved by the international community and the World Trade Organization (WTO). Han was in the U.S. capital to participate in the ongoing annual International Monetary Fund (IMF) meeting. Regarding the disappointment over Korea's failure to be invited to the expanded G7 meeting, he said that to become a member of G-11, the government should play an active role to globalize rules and regulations. "The Korean economy is not properly acknowledged by the global community because its rules and regulations fail to meet global standards," he said. "The biggest responsibility lies with the government." Han said that the government should make prudent regulations more market-friendly and make operation regulations less burdensome. Han's remark came as a response to the question of why the nation's economy is unable to join G-11 despite its economic size, which is considered the 11th largest in the world. Currently, the G7 is leading the global economy, but the G7 is on its way to becoming the G11 with BRICS - Brazil, Russia, India and China - to reflect the changing global economy. The G7 is an exclusive group of countries with powerful economies, including the United States, Japan, Germany, Britain, France, Italy and Canada. Despite its global status in economic size, Korea was not invited to this year's expanded G7 meeting. Besides the seven most powerful economies, the BRICs countries are participating in the meeting attended by their finance ministers and central bankers. Last month, the U.S. Department of the Treasury said that Secretary of the Treasury John Snow and Federal Reserve Chairman Alan Greenspan invited five emerging market economies to the G7 annual meeting. Namely the BRICS countries and South Africa. Regarding North Korea's recent agreement to scrap its nuclear weapons program, Han said that the breakthrough will help a peaceful mood take root in the Korean Peninsula. "The agreement will facilitate the inter-Koran economic cooperation development projects and provide new momentum both for small- and medium-size domestic enterprises and the North's economy," he said. "It is also expected to clear the way for global rating agencies to upgrade the sovereign ratings in the near future, helping local firms raise funds at a cheaper price in overseas markets," he added. Regarding the economy, Han said that the economy has hit bottom, and the government will place top priority on strengthening economic growth potential and easing the deepening polarization of the economy.