• Journal of Arbitration Studies
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• v.29 no.2
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• pp.3-34
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• 2019

The resumption of economic cooperation between South and the North Korea will be a new growth engine for our economy. Many Korean companies are preparing to invest in North Korea in accordance with the progress of inter-Korean relations. However, there are many risks inherent in inter-Korean economic cooperation, as experienced in previous cases. Specifically, one should be prepared for unfair measures such as the expropriation of investment assets of South Korean enterprises by North Korea authorities. Therefore, it is essential to review the protection measures of investment in North Korea and to review the investment dispute settlement system. The South and the North have an agreement to establish the inter-Korean Commercial Arbitration Committee to resolve the disputes that may arise if one party's investments are lost due to inappropriate or unfair measures due to the other party's authority. However, the Investment Agreement, which governs the Inter-Korean Commercial Arbitration Committee, contains a number of declarative statements that are somewhat ineffective. Even today, nearly 20 years after the adoption of the Agreement, the specific detailed procedures have shown no real progress, such as in the enactment of arbitration rules. Therefore, at present, it is difficult to expect a system that can effectively address the damage of our corporations which have invested in North Korea. When the assets freeze after the suspension of Kumgang tourism and the closure of the Kaeseung Industrial Complex by North Korea, the activation of the inter-Korean Commercial Arbitration Committee is the most important prerequisite for economic cooperation with North Korea. For this purpose, the resolution of disputes through the Inter-Korean Commercial Arbitration Committee has to be made more concrete, with the effectiveness of the dispute settlement system enhanced by means of various efforts.

• Journal of Arbitration Studies
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• v.21 no.1
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• pp.183-213
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• 2011

China and North America have been South Korea's biggest trading partner long time. As the volume of trade has been increasing, the disputes between Korean companies and Chinese Companies and between Korean companies and North American Companies have been increasing. If these disputes are settled by Arbitration, the parties appoint arbitrators who are empowered to proceed the arbitration procedure and have a power to render an arbitral award. Accordingly, it is very important for the parties to select who is an arbitrators in Arbitration. But if the parties doubt their arbitrator(s)'s fairness and independency, they can discharge them in accordance to law and arbitration institute's rules. In comparison with arbitrator system for way of selection and discharge among Korea, China and North America, some differences are found. First, if parties fail to appoint co-arbitrators or the presiding arbitrator by a mutual agreement, the court has the right to appoint them or him in Korea and North America whereas the Chairman of CIETAC choose him in China. Second, the authority to decide whether arbitrator is discharged owing to his fairness and independency, depends on arbitration institute and court in Korea and North American whereas it depends on the Chairman of CIETAC only.