KCAB INTERNATIONAL signed a Memorandum of Understanding (MoU) with the China Guangzhou Arbitration Commission (CGAC) on the 29th of May to promote the online and offline arbitration in Korea and China.
With the ongoing COVID-19 pandemic, the KCAB INTERNATIONAL signed the MoU virtually for the first time. KCAB INTERNATIONAL and CGAC agreed to cooperate in areas, such as promoting the use of ADR in respective countries, cooperating in arbitral seminars and recommendation of arbitrators.
Chairman Hi-Taek Shin said, “While arbitration centers in Singapore and Hong Kong that have common law system, Korea and China are both countries based on the civil law system. The fact that there are many Korean firms that have entered Guangzhou is driving the need to effectively resolve disputes between companies in both countries.” He also emphasized that KCAB will spur the development of markets in Southern China, including Shanghai, Beijing, and Guangdong.
CGAC is the largest arbitration institution in Guangdong Province of China, covering 200,000 arbitration cases per year. It was the first seven to be established in China, where the arbitration law was enacted in 1995, and handles international cases of approximately 2,100 cases per year. It also operates a system that can proceed with all arbitration procedures via online.