KCAB was founded in 1966 under the auspices of the Ministry of Justice and is the sole arbitral institution in Korea that is statutorily authorized to settle disputes. Over the past 50 years, the Korean Commercial Arbitration Board has handled about 7,000 arbitration cases and 15,000 conciliation cases marking itself as a leading alternative dispute resolution centre.
The signing ceremony took place on 24 September 2019 in Seoul International Business Center. On behalf of the Arbitration Centre at the RSPP, the agreement was signed by the Deputy Chairman of the Presidium of the Arbitration at the RSPP, partner of the Law Office Egorov Puginsky Afanasyev and partners Dmitry Dyakin and Natalia Prisekina, Head of the Far East Branch of the Arbitration Centre at the RSPP. On behalf of the Korean Commercial Arbitration Board, the agreement was signed by Professor Hi-Taek Shin, Chairman of the International Branch of the Korean Commercial Arbitration Council (KCAB INTERNATIONAL).
The memorandum reflects the parties’ commitment to creating favourable conditions for the development and promotion of arbitration as a fair and effective means of resolving disputes to ensure confidence and stability in business relations. In accordance with its provisions, the parties intend to carry out joint activities for business and legal circles of the Russian Federation and the Republic of Korea, aimed at promoting arbitration as a means of resolving disputes arising from commercial transactions.
The parties emphasized the importance of creating a comfortable business environment and effective investment protection mechanisms in the Asia-Pacific region, including arbitration. The parties are confident that arbitration will help to improve business relations between Russian and Korean organizations.
The signing of the Memorandum is carried out within the framework of the general policy of the Arbitration Centre at the RSPP to expand and strengthen cooperation with leading international arbitration centres.