International commercial arbitration has gotten into the spotlight as a self-controlled system of solving disputes between parties to an international transaction. In this connection, the increased use of international commercial arbitration has contr...
International commercial arbitration has gotten into the spotlight as a self-controlled system of solving disputes between parties to an international transaction. In this connection, the increased use of international commercial arbitration has contributed towards the unification of law and commercial practices.
There has been a great increase in economic relations between Korea and China since diplomatic relations have been established in 1992, which led the two countries to create both trade agreement and investment protection agreement respectively. Korea also set up diplomatic ties with Soviet Union in 1990 two years earlier than China. Economic relations between two countries also have been expanded since the conclusion of trade and investment protection agreements.
The historic meeting between President Kim Dae-jung and National Defense Committee Chairman Kim Jong-il will contribute to the activation of economic exchange between south and north Korea. In this connection, a speedy and reasonable settlement of commercial disputes arising therefrom is becoming a problem of vital importance.
While we can foresee a rapid increase in economic exchange in the Korean Peninsula, we can also expect that the regional trade and investment will be promoted further within the area of the Northeast Asian countries, including China, Russia and Japan. According to experts' view, world economic bloc will be built up in three ones of North America, European Union and Northeast Asia.
Therefore, it is very important to consider a possible dispute settlement mechanism as proved to be successful in East-West trade in the past. In this paper, the present writer emphasized on the effective dispute settlement by means of commercial arbitration in this area.