Seeking Solutions for Surge in New Trade Sanctions...KCCI Hosts Online Seminar with ICC International Court of Arbitration

Seoul Jung-gu Korea Chamber of Commerce and Industry. / Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Donghoon Jung] The Korea Chamber of Commerce and Industry (KCCI) held an 'ICC International Court of Arbitration Invitation Online Seminar' on the 10th in collaboration with the ICC International Court of Arbitration and the International Arbitration Practice Association.

This seminar was organized with the purpose of Claudia Salomon, who took office as the President of the ICC International Court of Arbitration in 2021, directly introducing the various commercial dispute resolution services provided by the ICC International Court of Arbitration to Korean companies. Since her appointment, President Salomon has focused on providing 'customer-oriented' customized dispute resolution services and has been working on the digitalization and non-face-to-face processes of arbitration in line with the pandemic era.

Woo Tae-hee, the Executive Vice Chairman of KCCI, said in his opening remarks, "Although free trade between countries has rapidly grown, paradoxically, the interdependence of the global economy has strengthened to the extent that crises in distant countries directly affect others. In the face of unavoidable disputes amid the global supply chain crisis and newly emerging trade sanctions, arbitration is a tool that allows our companies to efficiently resolve issues while saving costs and time. The role of specialized institutions such as the ICC International Court of Arbitration is important," he stated.

In addition to President Claudia Salomon, high-ranking officials from the ICC International Court of Arbitration, including Secretary-General Alexander Pezas, attended the seminar. Practical experts actively working as arbitrators and representatives in Korea, including Kim Se-yeon, an arbitrator of ICC Korea and attorney at Kim & Chang Law Firm, and Kim Jun-ki, a professor at Yonsei University Law School, participated as panelists and conducted discussions.

The ICC International Court of Arbitration, established in Paris, France in 1923 to resolve international commercial disputes, is one of the world's largest commercial arbitration institutions. In 2021, it was selected as the most preferred international arbitration institution worldwide. Korea ranks third with 48 parties among the 342 parties in the Asia-Pacific region cases handled by the ICC International Court of Arbitration in 2020, following China (80 parties) and India (79 parties).

KCCI serves as the secretariat of ICC Korea and is committed to promoting and disseminating ICC international commercial dispute resolution services.

This content was produced with the assistance of AI translation services.