COMPARATIVE INSIGHT INTO INTERNATIONAL COMMERCIAL ARBITRATION LAWS OF THE DPR KOREA, CHINA AND RUSSIA: FOCUSING ON ARBITRATION AGREEMENTS

Abstract

In the present time, commercial exchange and cooperation among the DPR Korea, China and Russia are constantly expanding, which in turn leads to increase in commercial disputes among legal and natural persons of these three countries. Such disputes, in large part, are resolved through arbitral procedures rather than civil litigation, and arbitral procedures are preconditioned by arbitration agreements. The entire process ranging from its inception to the award originates in the agreement of the parties. The rules regarding arbitration agreements specified in international commercial arbitration laws of the DPR Korea, China and Russia share much in common, but differ in certain aspects.

The present paper aims at offering correct understanding of the arbitration agreement rules provided in international commercial arbitration laws of the countries so that the legal or natural persons of the DPR Korea, China and Russia can resolve commercial disputes in an informed and more rational way. The paper provides a comparative analysis of the arbitration agreement rules of the international commercial arbitration laws of the three countries and explores the common features and differences of the rules on the basis of outlining the development of the national legislation on arbitration agreements in the DPR Korea, China and Russia.