KCAB INTERNATIONAL signed a Memorandum of Understanding (MoU) with the Benchmark Chambers International & Benchmark International Mediation Center (BCI & BIMC) on 28 August 2020 to promote dispute settlement by means of alternative dispute resolution in Korea and China.
Due to the COVID-19 pandemic, the MoU was signed remotely by Prof. Hi-Taek Shin, Chairman of KCAB INTERNATIONAL, and Dr. Jane Jingyi Xiao, Executive President of BCI & BIMC.
KCAB INTERNATIONAL and BCI & BIMC recognized the importance of collaboration as the economic relationship between Korean and Chinese business entities strengthened. Therefore, both parties agreed to cooperate and share expertise and efforts in education, training, and promotion upon agreed terms stated in the MoU.
Particularly, both parties agreed on terms in relation to the scope of cooperation in promoting alternative dispute resolution in Korea and China. Under the MoU, they will organize promotional and academic mediation events that serve the common interests of both parties, exchange relevant information and resources to promote mediation and allow the other party’s clients to use their convenient and cost-effective mediation facilities.
At the signing, Prof. Shin said, “We are thrilled to have the MoU with BCI & BIMC. We look forward to a fruitful collaboration with BCI&BIMC and will endeavor to promote international mediation along with international arbitration.”
KCAB INTERNATIONAL was established on 20 April 2018 as an independent division of the Korean Commercial Arbitration Board to meet the growing demand for cross-border commercial dispute resolution. KCAB INTERNATIONAL specializes in international arbitration to ensure that disputes are resolved in a cost-effective and time-efficient manner within a streamlined process. Enlisted with leading experts and professionals with abundant experience and expertise in international dispute resolution, KCAB INTERNATIONAL will further enhance the standing of Korea as a premier international dispute resolution center in Asia and beyond.
BCI & BIMC, founded in 2014, is a non-profit organization and the Base of the Supreme People’s Court of China for Discerning Hong Kong, Macau, Taiwan and Foreign Law that provides mediation services and related dispute resolution, with a focus on cross-border commercial disputes.
