SEOUL, July 25 (Korea Bizwire) – A new Cosmetics Act amendment allowing cosmetics companies to repackage and sell imported products in small quantities has been passed by the State Council, the Ministry of Food and Drug Safety said on Tuesday.
According to the MFDS, the government agency in charge of protecting public health and ensuring the safety of cosmetics and pharmaceuticals, a number of cosmetics reforms have been passed by the State Council and are now awaiting approval from the National Assembly, measures that will give cosmetics companies much more freedom to create assorted cosmetic products while also pushing them to ramp up efforts to uphold organic and natural standards.
Since the newly proposed amendments were revealed, much attention has been paid to the so called customized cosmetic products, sales of which will be allowed when the reforms take effect.
Under the new Cosmetics Act, ‘customized cosmetic product’ refers to items that are produced by adding different ingredients to imported cosmetics, and imported products can also be repackaged and sold as new items after the quantity is adjusted by the seller with the intention of selling the product at a cheaper price.
Among other measures included as part of the bill was the introduction of a certification system for natural and organic food, a move many expect to tighten regulations and raise overall product quality in the organic cosmetics industry.
Natural cosmetic products are cosmetics with natural ingredients extracted from flowers and fruits, while organic cosmetic products are simply any beauty product containing organic ingredients.
The MFDS decision to ramp up safety by introducing a number of measures including civil inspectors tasked with reporting faulty cosmetic products comes after authorities faced criticism over the absence of a certification process for natural and organic cosmetic products, making it difficult for consumers to make informed choices.
According to industry sources, the South Korean cosmetics market is estimated to be valued at over 14 trillion won.
Ashley Song (firstname.lastname@example.org)