• Journal of Arbitration Studies
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• v.26 no.3
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• pp.27-50
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• 2016

International arbitration as a dispute resolution mechanism in Asia is growing in popularity. Singapore has long been acknowledged as a regional arbitration center but Korea is now facing an increased demand as an arbitration center as well. As Singapore competes with Hong Kong and other international arbitration centers, and as Korea tries to become an alternative to Singapore, both Singapore and Korea have updated their arbitral laws and arbitration rules to reflect the current international arbitration trends. This paper examines the recent changes in the arbitration laws of Singapore and Korea, with an emphasis on recent changes in Korean arbitration laws that are designed to increase Korea's popularity as a regional arbitration center. Though Korea's reputation as an arbitration center is increasing, it is still not viewed as a major arbitration service provider. It is against this backdrop that Korea's international arbitration laws and rules will be viewed, with suggested changes to increase Korea's reputation as not only a regional hub but a center of international arbitration.

• Journal of Arbitration Studies
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• v.29 no.4
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• pp.101-120
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• 2019

This study examines the development strategies of the arbitration industry in Singapore and Hong Kong, and its purpose is to provide implications for the development of the arbitration industry in South Korea. The main strategies implemented by Singapore and Hong Kong to develop the arbitration industry are as follows: first, improvement of the arbitration law system; second, active support of the government for promoting the arbitration industry; third, build up of an effective arbitration expert training system; and fourth, an arbitration-friendly attitude of the court. In order for South Korea to become an international arbitration hub in Northeast Asia, it is necessary to refer to the above-mentioned strategies. In addition, South Korea needs to develop marketing strategies that can differentiate itself from Singapore and Hong Kong, such as the development of an arbitration system in connection with the 4th Industrial Revolution, differentiation of the disputes sector, use of geographical advantages and a penetration pricing strategy, and support of the Korean Commercial Arbitration Board. In terms of marketing strategy, there are few studies on the development strategy of the arbitration industry in South Korea. In this respect, this study has academic value and differentiation.

• Journal of Arbitration Studies
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• v.30 no.1
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• pp.3-37
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• 2020

The Korean Arbitration Act (KAA) enacted in 1966 was entirely revised in 1999, adopting the 1985 UNCITRAL Model Law on International Commercial Arbitration. Korea is trying to be an international arbitration hub in the region, taking advantage of its geographical location in Asia and its highly open economy. KAA was revised in 2016 again in order to reflect the criticisms against the previous KAA, changes in the arbitration environment, and the 2006 amendment to the UNCITRAL Model Law. The basic direction of the revision was to maintain the UNCITRAL Model Law system and to deal with the national arbitration and international arbitration in the same framework. The scope of revision covers all fields of arbitration, including arbitration agreements, arbitrators, arbitral proceedings, interim measures of the arbitral tribunals, recognition/enforcement of arbitral awards, and their annulment. This paper aims to introduce the important issues of the 2016 revision of KAA, to offer important information discussed in the process of revision, and thus to help those concerned in the interpretation and implementation of KAA. The 2016 revision of KAA is expected to help greatly in promoting not only the national arbitration, but also the international arbitration in Korea.

• Journal of Arbitration Studies
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• v.18 no.1
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• pp.121-145
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• 2008

Northeast Asia is increasingly making a transition to distinctive and crucial region in the 21st Century and growing into one of world's top three economic spheres along with the EU and NAFTA. In 2003, Korean government announced the Northeast Asian economic hub country plan as an important agenda. As a means of coping with the changing global environment, Korean government designated Incheon in 2003 as the country's first Free Economic Zone ahead of Busan and Gwangyang Bay in the south of the country because Incheon has a geographical advantage linking North America and Europe with Incheon International Airport and Incheon Seaport. The purpose of this paper is to make research on establishment and operation of an arbitral body entitled ${\ulcorner}International Arbitration Center{\lrcorner}$ (IAC) within Incheon Free Economic Zone(IFEZ). For the purpose of this, the writer in this paper, reviewed the necessity of the IAC's establishment and its legal basis as well as the role and function of the Center. Also, the writer presented plans for how to operate the IAC and how to cooperate with the key arbitral organizations of foreign countries for the settlement promotion of commercial disputes including trade and investment. With development of the IFEZ, world-renowned enterprises will invest in the Incheon economic bloc and conduct economic activities, business operation, marketing, logistics, financing, etc. In this connection, diverse types of commercial disputes are expected to occur between foreign companies entering the IFEZ and Korean firms. In this connection, the Korean Commercial Arbitration Board(KCAB) has been operating its liaison office in the IFEZ since 2004. However, in view of the increasing arbitration demand, the IAC should be set up in the IFEZ in the near future by the positive support of the government in the respect of both administration and finance because the free economic zone-related law provides for the installation of arbitration organization. For the success of the IAC, the Center will have to provide not only good quality of arbitral services that can satisfy arbitration parties but also need to conduct researches and make efforts so that arbitration can be utilized well in the IFEZ. If the IFEZ can provide advantageous business environments to those multinational enterprises intending to the Incheon economic bloc, the IAC will also contribute to the settlement of commercial disputes arising from the Gaeseong Industrial Complex in North Korea in view of the geographical advantage and logistic benefit of the IFEZ. Finally, this paper also suggests a new model for a joint dispute resolution system by the initiative of Korean government and Korean arbitral organizations for the settlement of commercial disputes within Northeast Asia, for which the CAMCA(Commercial Arbitration and Mediation Center for the Americas) of NAFTA can be a good example.

• Journal of Arbitration Studies
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• v.15 no.3
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• pp.233-266
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• 2005

The world trading system has been under many changes in recent years. One notably important development is that much attention away from the multilateralism-oriented World Trade Organization towards FTA(Free Trade Agreement). The Free Trade Agreement signed between korea and chile formally have been come effective for free trade in goods and services as from April 1, 2004. During Free Trade Agreement negotiations between both countries. This study aims at presenting the suggestion for the Korea to make the WTO rules and FTA by analyzing The interpretation of FTA under WTO System. It was founded by the investigation of WTO rules, most of the provisions are similar with other FTA, but a little provisions different from other FTA's. It is an appearance from the contracting party's peculiar circumstances such as state of industrial development or future prospect, conditions around international trade. The whole world has entered the new stage of bilateral and multilateral FTA. The essential or new generation or bilateral and multilateral FTA is creating more trade opportunities, promoting all factors, commodity, service, capital, technology and talent freely flow through canceling the trade barriers between FTA, in order to develop together within the regions. It shows that the cooperations transfer form the whole region into FTA. FTA makes not only the free trade smooth ,but also takes place the trade distortion effect. especially as the agriculture has a speciality each country, should it is ignored in negotiation, many reactions will be occurred in the process of fta Therefore Korea needs to deliver the message that Korea's hub is an essential ingredient for an efficient FTA and WTO system in a bilateral and multilateral win-win framework. Consequently Korea should have criterions about the rules of FTA and WTO system for peculiar circumstances of Korean economy and international trade.