International arbitration in Korea continues to be governed by the Korean Arbitration Act, last amended in 2010 (the “Arbitration Act”). The much-anticipated amendments have not yet been made.
A.2 Trends and Tendencies
In 2014, a special committee consisting of lawyers, academics and other arbitration professionals continued discussions of potential amendments to the Arbitration Act. Discussions centered on the extent to which Korea should adopt the UNCITRAL Model Law’s 2006 amendments. By December 2014, the special committee had prepared a draft proposed amendment (the “Proposed Amendment”), soon to be submitted to Korea’s lawmaking body for consideration. Below are the main features of the Proposed Amendment.