In the afternoon of April 28, 2016, a signing ceremony was held for the cooperation agreement between Hangzhou Arbitration Committee and Korean Commercial Arbitration Board. Ji Sung-bae, director of KCAB, Hyun Suk Oh, Project & Cooperation Group leader, Liu Fengquan, deputy director & secretary general of HAC, Chen Heng and Zhao Liang, both deputy secretary generals of HAC, and Li Xuanyue, vice president of HIAC, were present at the ceremony. Feng Yihui, deputy division chief of Hangzhou Municipal Commerce Committee, Jeon Byoung-sam, the president of Hangzhou Korean Commerce Chamber, and its vice president and director general, were also invited for the ceremony.

 
Ji Sung-bae gave a general introduction of Korean Commercial Arbitration Board and Korean arbitration legal system. The Korean Arbitration Law was made in 1966 and the Korean Commercial Arbitration Board was founded in the same year as the only standing arbitration institute in the country. It also has a branch office in Busan. KCAB commits itself to accelerating economic development through disputes prevention and solution by means of arbitration, conciliation and negotiation. Liu Fengquan introduced the Chinese arbitration legal system and the history of HAC. China Arbitration Law was issued in 1994 and implemented in 1995, and Hangzhou Arbitration Committee was founded in 1996 as the only arbitration conciliation center for civil and commercial cases in Hangzhou, owning 5 branch courts handling cases in finance, intellectual property, international disputes, chamber of commerce and so forth, and Xiaoshan Branch Office and an arbitration conciliation center. Liu signified that Hangzhou Arbitration Committee would continue to cooperate with Korean Commercial Arbitration Board and other first-class institutes, learn from them to keep the advancement of HAC, and jointly boost the development of arbitration in both countries. Then concerns were fully exchanged and discussed on organizational structure, management mode, case acceptance quantity, scale types, arbitrator form of both countries between the two parties.

The agreement were signed by Zhao Liang, the deputy secretary general of Hangzhou Arbitration Committee, and Ji Sung-bae, the president of Korean Commercial Arbitration Board. It recognizes between Hangzhou Arbitration Committee and Korean Commercial Arbitration Board the recommendation and selection of arbitrators & mediators, mutual communication & cooperation, lectures, meetings and seminars holding, and information interflowing & sharing. It will help both Chinese and Korean enterprises to use arbitration to settle the civil and commercial disputes, build more equal and transparent business environment and further strengthen the power of foreign trade economic gains.

The agreement also builds a new platform for both sides to promote mutual support and the economic & trade development between two countries to a new height. More frequent and extensive contact between HAC and KCAB and other agencies will be made to create a better environment for Hangzhou’s arbitration and foreign trade. 

Meeting Site

Signing the Cooperation Agreement