COMPARATIVE INSIGHT INTO INTERNATIONAL COMMERCIAL ARBITRATION LAW RULES REGARDING EXECUTION OF ARBITRAL AWARDS OF THE DPR KOREA, RUSSIA AND CHINA

Abstract

Economic and trade relations, and civil and commercial relations between Russia and the DPR Korea, which used to be carried out in a very limited regional area, including Rason of the DPR Korea and Vladivostok of Russia, is developing in a diversified way, the demand for which is increasing day by day. Civil and commercial relations that have been traditionally carried out between the DPR Korea and China is also expanding and developing to a higher level to achieve mutual economic development. Such international commercial relations between legal and natural persons of these three countries inevitably entail disputes, most of which are settled by arbitration procedures. Certain discrepancies between the legal provisions on international commercial arbitration of these three countries constitute obstacles in the execution of arbitral awards, which, in turn, impedes, to a certain extent, the realization of the rights and interests of the parties engaged in international commercial relations. The present paper aims at providing the legal and natural persons of the DPR Korea, Russia and China with a clear understanding of the contents of the international commercial arbitration law rules of the three countries regarding the execution of arbitral awards in order to make sure arbitral awards are properly enforced in their interest, thus ensuring the stability of economic transactions between the three neighboring states and facilitating the interests of the relevant parties. The paper offers an overview of the provisions of several international legal instruments, including international treaties generally recognized by the international community, on the basis of which the provisions of the international commercial arbitration law of the three countries regarding the execution of arbitral awards are compared and analyzed.