KCAB and the Straus Institute Invest in the Future of International Commercial Arbitration
The Straus Institute is pleased to announce that it has signed a memorandum of understanding (MOU) with the Korean Commercial Arbitration Board (KCAB). Delegates from KCAB's Seoul headquarters and Los Angeles branch, as well as from the Korean Ministry of Justice, visited Pepperdine for the MOU signing ceremony on September 22, 2017. Representing the KCAB was President Sungbae Ji, and signing for the Straus Institute was Associate Dean Tom Stipanowich. Included in the KCAB delegates was our own Straus alumna Jiyun Moon (LL.M. '14), who played an integral role in bringing these two organizations together.
In conjunction with this event, the KCAB also sponsored a lunchtime seminar for interested students on arbitration and mediation trends in Korea, facilitated by Professor Stipanowich. The dynamic seminar and lively discussion reflected Korea's growing prominence in international arbitration, and increasing interest in the mediation field in Korea.
Korea's recent passage of the Arbitration Industry Promotion Act of 2016 (effective as of June 2017) reflects the national effort to grow and promote KCAB and Korea as the leading Asian hub for international arbitrations. In addition to attracting more international arbitrations and strengthening arbitration infrastructure, the Korean government seeks to support the development and training of future arbitration professionals.