On the Comparison between South Korean and Chinese Commercial Arbitration System 

Park Heung 

Uk Ph.D. candidate of China University of Political Science and Law, Beijing, CHINA 

Abstract: Since the normalization of diplomatic relations between South Korea and China, the economic trade between the two countries made great development which has attracted the world's attention with the very active annual economic and trade activities. However, with the growing frequency economic and trade exchanges between the two countries, the conflicts of interests between the two parties are also increasing. In the trade activities, from the date of signing of the contract, to the day of transferring goods ｏｒ paying for the goods, trade claims and other disputes often happen on various aspects. Therefore, it is very important to solve the trade disputes caused by the differences of the parties' language, economy, culture, customs and legal concept. In the process of resolving disputes, there are very complex legal procedures, and a lot of problems existing in the state party’s law enforcement of the international private law litigation which needs a lot of time and the huge cost. So, the system (ADR) of using the means of settlement, regulation, arbitration and other ways to resolve disputes has been widely used in many countries [1]. Among them, for the most of the time, the problems are solved through arbitration. After consultation between the parties, arbitrator makes the verdict which will get executed in the party state. Arbitration has mandatory binding effect, and being as one of the methods to resolve the disputes, it is the most suitable one for the settlement of trade disputes. 

Keywords: Commercial Arbitration System; Arbitration Concerning Foreign Interests; South Korean