Yulchon LLC’s insight on South Korea’s recent implementation efforts to further integrate international arbitration and mediation in its legal system
Following the emergence of arbitration as an alternative dispute resolution mechanism in consequence to the costly and time-consuming traditional method of litigation, it became more attractive and reliable, triggering the flourishment of the arbitral market in Asia. As more ongoing engagement in cross-border investments occurred in Asia, it led to the continuous growth and refinement of national arbitral rules and laws across many jurisdictions, resulting in the establishment of arbitral hubs and institutions. Among the arbitral institutions, the Hong Kong International Arbitration Centre (‘HKIAC’) and the Singapore International Arbitration Centre (‘SIAC’) grew exponentially in size, but also in popularity. Therefore, by successfully ranking globally and becoming the most preferred arbitral seats, it brought forth a substantial number of case filings.
