A Study on External Economic Arbitration Act in North Korea
North Korea has not been immune from the trend of the reorganization of the global economy and has taken drastic measures intended to improve its domestic economy, as well as its international economic presence. In addition, these measures are aimed at improving the standard of living in North Korea as well as making the North Korean market more attractive to foreign investors. However, in spite of North Korean's every efforts, foreign capital still has not materialized within North Korea. Among the reasons for this predicament is the lack of clear and understandable mechanisms to settle business disputes.
North Korea does not publish a complete collection of its official laws so it is difficult for foreigners to fully understand North Korea's legal system. This makes it difficult for commercial enterprises to conduct business let alone settle disputes. However, this predicament has changed since the Constitutional revision of 1998. Rules were made clearer for North Koreans and foreign investment enterprises, and one year later, the North Korean government established the External Economic Arbitration Law ("EEAL").
The purpose of this Article is to contribute to the little commentary about North Korean commercial arbitration and the EEAL. Therefore, I survey the EEAL's provisions, its effect on international disputes, and examine problems that may stem from this law. I also make recommendations for improving the EEAL where applicable.