- Applicable law — Arbitral rules — Arbitrators — International courts and tribunals, procedure
This introductory chapter provides a brief overview of the scope of international arbitration in Korea. From modest beginnings, Korea has managed to establish a modern arbitration system that has become a common means of dispute resolution that operates under a consensual framework based on party autonomy. Korea’s accelerated growth in arbitration has been closely intertwined with its economic development, as it catapulted itself from one of the poorest countries in the world to recently joining the Paris Club of the world’s largest creditors, all in the span of fifty years. The chapter thus describes the historical development of arbitration in Korea and how its arbitration is practiced. It also includes a short outline of Korea’s legal industry in general, before finally discussing a few explanatory notes for reference in later chapters.