New Opportunities for China-South Korea Cooperation in International Commercial Arbitration

QINGDAO,China,Nov. 15,2024 -- On November 15,the Northeast Asia International Commercial Dispute Resolution Summit took place in Qingdao,China. Jin Yun-guo,the director of the Korean branch of Jointide Law Firm (Jointide Foreign Legal Consultant Office),attended the roundtable discussion on "Cooperation and Prospects in International Commercial Arbitration" and delivered a speech on "Cooperation and Assistance in the Field of International Commercial Arbitration between China and South Korea".

During the summit,Jin Yun-guo discussed the current state of cooperation between China and South Korea in international commercial arbitration across four areas: service of arbitration notices abroad,collection of evidence for arbitration outside the country,recognition and enforcement of interim arbitration measures abroad,and recognition and enforcement of arbitration awards abroad.

Since the establishment of diplomatic relations between China and South Korea,demand for arbitration and mediation services to resolve cross-border commercial disputes has steadily increased. According to statistics,in 2023,the Korean Commercial Arbitration Board handled 54 foreign-related arbitration cases,involving a total amount of KRW 81 billion,marking a 9.76% year-on-year increase. Among these,cases involving China ranked first in terms of origin,with 13 cases and a disputed amount totaling KRW 580 million.

Jin Yun-guo noted that a proper understanding of the regulations governing arbitration cooperation and assistance between China and South Korea could help expedite the resolution of international commercial disputes in the economic and trade fields of both countries. This also requires both countries to strengthen communication and cooperation,working together to promote the improvement and development of the international commercial arbitration system.

According to Jin Yun-guo,the Korean branch of Jointide Law Firm is the first Korean branch in Shandong Province,China. It provides one-stop,localized legal services for the economic and trade development between Shandong and Northeast Asian countries. This is,in fact,a significant step in the internationalization strategy of Jointide Law Firm. It not only enhances its competitiveness in the international legal services market but also lays the foundation for future business expansion globally.