Korea Federation of SMEs Provides Legal Advisory Support for International Disputes of SMEs

Legal Advisory for Companies Applying for International Arbitration at the Korean Commercial Arbitration Board

[Asia Economy Reporter Kim Heeyoon] The Korea Federation of SMEs announced on the 7th that it will provide legal advisory support to small and medium-sized enterprises (SMEs) that have filed international arbitration requests with the Korean Commercial Arbitration Board due to international disputes.

According to the Federation, this legal advisory service was established to support efficient dispute resolution for SMEs by utilizing an arbitration system characterized by ▲ a single instance system ▲ the same effect as a final court judgment ▲ international effectiveness.

The support targets SMEs that have filed international arbitration requests with the Korean Commercial Arbitration Board. Legal advice is provided only if no representative has been appointed. Companies wishing to apply must submit the required documents to the Federation of SMEs within 60 days from the date of arbitration application.

Detailed information about the support program can be found on the 'Federation of SMEs website.'

Kim Taehwan, Head of the International Trade Department at the Federation of SMEs, said, "Support is necessary for domestic SMEs to respond efficiently to international disputes amid changing trade environments," adding, "We will actively support SMEs that need legal advice during international arbitration to ensure easy access."

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