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International Arbitration in South Korea: A New Push Forward

Published online by Cambridge University Press:  22 March 2019

Liz (Kyo-Hwa) Chung
Liz (Kyo-Hwa) Chung*
Affiliation:
Partner, Kim & Chang in Seoul, Korea.
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Extract

Following the recovery of its economy in the aftermath of the Asian financial crisis at the end of the 1990s, South Korea has been in the forefront of development of international arbitration practice in Asia. As Korean companies have become global players, the number of international disputes is on the rise and dispute fora have also diversified over the years.

Type
International Arbitration in the Asia-Pacific: Prospects and Challenges of a Dynamic and Growing Field
Information
Proceedings of the ASIL Annual Meeting , Volume 112 , 2018 , pp. 98 - 100
Copyright
Copyright © by The American Society of International Law 2019 

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References

1 According to 2017 International Chamber of Commerce (ICC) statistics, Korea ranked ninth in terms of the number of parties and tenth in terms of the number of new cases filed at the ICC in 2017. See ICC Press Release, ICC Announces 2017 Figures Confirming Global Reach and Leading Position for Complex, High-Value Disputes, at https://iccwbo.org/media-wall/news-speeches/icc-announces-2017-figures-confirming-global-reach-leading-position-complex-high-value-disputes. According to the 2017 SIAC Annual Report, South Korea ranked ninth in terms of the number of foreign users of SIAC in 2017.

2 See KCAB's Annual Report 2016.

3 Seoul Central District Court Decision dated July 19, 2017, Case No. 2016Bihap30170; Seoul Central District Court Decision dated July 19, 2017, Case No. 2017Bihap11.

4 The statistics related to Korea's BITs are available on the Ministry of Foreign Affairs (MOFA) website at www.mofa.go.kr/www/brd/m_4059/view.do?seq=365930&srchFr=&srchTo=&srchWord=&srchTp=&multi_itm_seq=0&itm_seq_1=0&itm_seq_2=0&company_cd=&company_nm=&page=1 (in Korean).

5 The statistics related to Korea's FTAs are available at www.fta.go.kr (in Korean).

6 For more details see, Shin, Hi-Taek & Chung, Liz (Kyo-Hwa), Korea's Experience with International Investment Agreements and Investor State Dispute Settlement, 16 J. World Inv. & Trade 944–72 (2017)Google Scholar.

7 Ansung Housing Co., Ltd v. People's Republic of China, ICSID Case No ARB/14/25; Sumsung Engineering Co., Ltd. v. Sultanate of Oman (ARB/15/30).

8 Samsung Engineering Co., Ltd v. Kingdom of Saudi Arabia (ARB/17/43); Sing Dong Baig v. Socialist Republic of Vietnam (ARB(AF)/18/2).