The historic Free Trade Agreement(FTA) has been signed between Korea and Chile as of February 15, 2003 in Seoul. In this connection, the FTA will contribute to the expansion and development of trade and investment between the two countries. Under the said FTA, investment means every kind of asset that an investor owns or controls, directly or indirectly, and that has the characteristics of an investment, such as the commitment of capital or other resources, the expectation of gains or profits and the assumption of risk. As far as an investment dispute is concerned, it is quite different from an ordinary commercial dispute arising from commercial transactions in view of disputing parties, applicable laws and rules, etc.. Therefore, it is a problem of vital importance that Korean parties interested in investment within the area of Chile should understand and cope with the settlement mechanism of investment disputes under the Korea-Chile FTA. Under the circumstances, the present writer in this paper reviewed the settlement mechanism of investment disputes between a Party and an Investor of the Other Party under the said FTA. This paper puts emphasis on consent to arbitration, submission of a claim to arbitration, composition of tribunal and enforcement of an award after paying due regard to applicable conventions, laws and rules concerning international arbitration.
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