[KBS News] In order to promote international arbitration to replace the court, it has been argued that a mid- to long-term strategy involving industries is needed rather than relying only on a small group of legal experts.
Kim Hong-seok, chairman of the Korean Advisory Committee of the Center for International Arbitration, said in a meeting today at the Seoul International Arbitration Center that Korea needs a transparent and reliable environment to play a global role in international arbitration.
Today’s meeting was attended by key figures in international arbitration, including Richard Namark, senior vice president of the American Arbitration Association, and Michael Lee, Asia representative of the Center for International Dispute Resolution, to discuss trends in international arbitration and Korea’s challenges.
The U.S. International Arbitration Center is the world’s largest dispute settlement agency, a non-profit public interest agency established by Congress in 1926 to introduce an effective arbitration system to replace courts.
The Korean Advisory Committee includes 40 people, including former Minister of Strategy and Finance Park Jae-wan, former Vice Minister of Planning and Budget Ban Jang-sik, and Park Woo-kyu, advisor to SK Group, to reflect Korean companies’ positions in international arbitration rules.
조성원 기자 sungwonc@kbs.co.kr
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