NEW SOUTH KOREA 2016 ARBITRATION LAWS

The article notes that in recent years, the use of arbitration has expanded in South Korea, and international arbitration has become the preferred dispute resolution mechanism for Korean companies seeking to enter international export markets. The law on arbitration of South Korea was revised in 2016, the same year the Arbitration Industry Promotion Act was adopted, which entered into force on August 28, 2017. The main purpose of the law is to intensify arbitration as a means of resolving internal and international disputes by identifying issues necessary to promote the development of the arbitration industry and promote the development of the national economy, laying the foundations for promoting the arbitration industry in Korea in order to turn it into an international arbitration center. It was concluded that the adoption of new regulations in the field of international arbitration that meet all modern international standards, as well as the decision to allow foreign lawyers to open offices in South Korea could be a turning point in the development of the arbitration market in South Korea.

право Южной Кореи, международные коммерческие споры, арбитраж, закон об арбитраже, закон о развитии арбитражной индустрии