Yulchon on South Korea’s recent amendments to its Act on Private International Law and their implications
There is no disagreement that South Korea is now one of the world’s largest economies. Korean companies are ubiquitous, as they are firmly entrenched in a variety of indispensable and cutting-edge industries. When it comes to legal rules that govern and/or are closely linked to international business, however, the Korean legal system has relatively lagged behind such remarkable success of Korean companies. As one example, the Arbitration Act of Korea, was amended somewhat belatedly in 2016 to incorporate the 2006 UNCITRAL Model Law on International Commercial Arbitration.
