At the 7th Asia Pacific ADR Conference in Seoul earlier this month, the Korean Commercial Arbitration Board (KCAB) unveiled its Draft Seoul Protocol on Video Conferencing in International Arbitration. The Draft Protocol is intended to serve as a guide for best practices for planning, testing and performing video conferencing for international arbitrations.
Tag: Korean Commercial Arbitration Board (KCAB)
In our two previous blogs¹ on South Korea we commented on the opening of the Seoul International Dispute Resolution Centre and noted that this, together with the liberalisation of its legal market and the introduction of the Korean Commercial Arbitration Board’s (KCAB) International Arbitration Rules, meant that a new phase for international arbitration in South Korea was beginning. We further commented on the possibility that Seoul could become a hub for international arbitration in East Asia if the local courts are supportive of international arbitration.
However, this year the South Korean courts have twice refused to allow the enforcement of international arbitral awards. This is contrary to their usual approach where they have generally refused to query awards and have instead recognized and enforced them in accordance with the New York Convention.
To mark the opening of Herbert Smith Freehills’ new office in Seoul today, we examine arbitration in South Korea.
Whilst the Korean Commercial Arbitration Board (KCAB) has reported growth in the number of international arbitrations, South Korea is seldom considered as a seat of international arbitration and use of the KCAB’s International Arbitration Rules has been limited so far (the International Rules). But is this about to change, and might it be heralded by the recent increase in foreign law expertise in Seoul?