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Dr. Wang Sheng Chang, the Vice Chairman and Secretary General of CIETAC, met an delegation from Korea International Trade Arbitration Committee, headed by its Chairman Mr. Yun Son Ho, in the CIETAC headquarters in Beijing on June 14, 2005.
During the meeting, the two sides introduced to each other the national arbitration legislations in each country and the arbitral procedure and business development of each institution. Dr. Wang also made an introduction about CIETAC’s new Arbitration Rules. Mr. Yun expressed his institution’s willingness in exploring CIETAC’s success factors. A consensus on strengthening bilateral cooperation has then been reached. The DPRK delegation also showed strong interest in attending the China-Russia-Mongolia international arbitration conference to be held in Harbin this October and the two sides therefore agreed to work towards bringing representatives from Korea International Trade Arbitration Committee to the conference.
International Arbitration in the Democratic People' Republic of Korea
The Korea International Trade Arbitration Committee (KITAC) was founded in 1955 under the former name the Korea Foreign Trade Arbitration Committee. It handles both domestic and international (foreign-related) disputes, the latter covering disputes arising out of both foreign investment and international trade. Its annual caseload has increased steadily to a current total of about one hundred international cases and dozens of domestic cases.
The DPRK promulgated and put into force two arbitration statutes in 1999, one governing domestic arbitration and the other governing international arbitration. With the increase of foreign investment and trade, the DPRK is now considering acceding to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards (widely known as the New York Convention) and is also in the process of revising its arbitration statutes.
The KITAC offers Arbitration Rules as guidelines for its procedure and adopts the panel system with regard to selection of arbitrators, which means that parties can only appoint arbitrators from the institution’s panel of arbitrators. Currently all the 30 members on the KITAC panel are Korean nationals, although as a matter of fact, no restraint on the nationality of arbitrators has been set forth in the DPRK arbitration statutes and it is a matter up to the decision of the KITAC.
After an award has been rendered by a KITAC tribunal, the parties shall automatically perform the award within one month. In the event that one party fails to perform the award during that period, the other party may apply for enforcement of the award to a province-level court in the DPRK, or in cases involving substantial amount, to the Supreme Court of the DPRK.
For more information, please contact:
Korea International Trade Arbitration Committee
Jungsong-dong, Central District
Pyongyang, DPRK
Tel: +850-2-3815926
Fax: +850-2-3815827
Email: kitac@co.chesin.com
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