Amending the Korean International Arbitration Act to make it more consistent with the latest revision of the UNCITRAL Model Act is the latest step toward Korea’s goal of making Seoul the venue of choice for international arbitration in the Asia-Pacific region.  This was the message expressed by In-Chang Jung, Deputy Minister of the Korean Ministry of Justice, in his welcoming remarks at the Third Annual Korean International Arbitration Summit.  Representatives from Planet Depos – American Realtime were on hand for this three-day event, which took place in Seoul on November 19-21, 2014, and had an opportunity to meet with the Korean dignitaries invited to speak at the conference.

Deputy Minister Jung stated that strong economic growth in Asia has led to an unprecedented demand for arbitration services in the region, and that the Korean Ministry of Justice is therefore committed to increasing its support of Korean arbitration agencies in order to take advantage of this growing opportunity.  He noted that the opening of the UNCITRAL RCAP (Regional Center for Asia and the Pacific) in 2012 and the opening of the Seoul International Dispute Resolution Center in 2013 are tangible demonstrations of the Korean government’s commitment to strengthening the Korean arbitration industry.

Daisoo Kweon, President of the Korean Commercial Arbitration Board, agreed with Deputy Minister Jung.  In his welcoming remarks to the assembly, Mr. Kweon emphasized that ​a revised Korean Arbitration Act, together with Korea’s cutting-edge infrastructure, sophisticated legal system, and modern facilities, give Seoul the capacity to become the next hub of international arbitration.

Young-Joon Mok, former Justice of the Constitutional Court of Korea, likewise remarked in his keynote address that Korea’s common law and statutory law traditions, convenient geographic location, and reputation for judicial fairness give it the potential to become a world-class arbitration venue.  He praised both the Korean Ministry of Justice and Korea’s academic institutions for their ability to work together in furtherance of this goal.