중재법 개정 법률안의 주요내용

Important Issues of the draft Act for the Revision of Korean Arbitration Act

Korean Arbitration Act(KAA) enacted in 1966 was entirely revised in 1999, adopting the 1985 UNCITRAL Model Law on International Commercial Arbitration, Korea is trying to be a international arbitration hub in the region, taking advantage of its geographical location in Asia and its highly open economy. Korean Ministry of Justice established a Committee for the Revision of KAA to make it more arbitration friendly. The revision will reflect the criticisms against the current KAA, changes in the arbitration environment, and the 2006 Amendment to the UNCITRAL Model Law. The basic direction of the revision is to maintain the UNCITRAL Model Law system and to deal with national arbitration and international arbitration in the same framework. The scope of revision covers all fields of arbitration, including arbitration agreements, arbitrators, arbitral proceedings, interim measures of the arbitral tribunals, recognition/enforcement of arbitral awards, and their annulment, etc. At present, the draft Act for the revision of KAA is made public, and is waiting for the next step of submitting the draft Act to the National Assembly by the Ministry of Justice. This paper aims to introduce the important issues of the draft Act for the Revision of KAA and to request opinions of all the persons and institutions related to arbitration. The revision of KAA in the more developed and advanced way is expected to help greatly to promote not only the national arbitration, but also the international arbitration in Korea.