• International Commerce and Information Review
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• v.10 no.3
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• pp.407-436
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• 2008

The purpose of this study is to verify the economic effects of the on going Korea-EU FTA negotiations upon the regional economy and to present some strategic economic countermeasures to deal with the forthcoming changes on the economic environments. In comparing with the industrial structure between Korea and EU, due to the different specific part of their industrial competitiveness both parts would have complementary cooperative transactions and trade as well. And also Korea and EU would have the similar understanding of the importance of the field of agriculture and service in accordance with the economic standpoint respectively. The level of degree and magnitude of the effect of Korea-EU FTA upon the regional economy would be decided in accordance with the industrial structure and the level of income of the regional economy. We are not to confirm and specify the economic influences of Korea-EU FTA negotiations on the economic conditions of Gangwon province but to prepare rational economic countermeasures fit to its structural character. One of the political strategies that might be feasible is the inflow of foreign direct investment from the developed European countries to the regional economy. This developing model would mean a new experiment to activate any regional economy and a new formation of the policy of economic growth.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.5
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• pp.305-311
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• 2022

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is projected to provide several chances for Vietnam's banking industry to expand into the international market. This study examines the influence of foreign ownership on credit risk in Vietnamese commercial banks before the context of participation in the CPTPP. Using a sample of 28 commercial banks between 2009 and 2020, we find that foreign ownership has a negative relationship with bank credit risk. The regression methods used include the least-squares method, fixed-effects model, random effects model, and general least squares method. The research model adds interactive variables, which will help to reflect the role of intermediary factors more accurately such as listing on the stock market, capital ratio to the relationship between foreign ownership and bank credit risk. The test results reveal that increasing the foreign ownership ratio has a bigger impact on reducing credit risk for listed banks and banks with low capital than for other commercial banks. The government should flexibly adjust the foreign ownership ratio according to the capital size and role of each bank so that it can make good use of investment capital from abroad when Vietnam joins the CPTPP.

• International conference on construction engineering and project management
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• 2007.03a
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• pp.509-519
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• 2007

Private financing is playing an increasing role in public infrastructure construction projects worldwide. However, private investors/operators are exposed to the financial risk of low profitability due to the inaccurate estimation of facility demand, operation income, maintenance costs, etc. From the operator's perspective, a sound and thorough financial feasibility study is required to establish the appropriate capital structure of a project. Operators tend to reduce the equity amount to minimize the level of risk exposure, while creditors persist to raise it, in an attempt to secure a sufficient level of financial involvement from the operators. Therefore, it is important for creditors and operators to reach an agreement for a balanced capital structure that synthetically considers both profitability and repayment capacity. This paper presents an optimal capital structure model for successful private infrastructure investment. This model finds the optimized point where the profitability is balanced with the repayment capacity, with the use of the concept of utility function and multi-objective GA (Generic Algorithm)-based optimization. A case study is presented to show the validity of the model and its verification. The research conclusions provide a proper capital structure for privately-financed infrastructure projects through a proposed multi-objective model.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2007.12a
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• pp.51-55
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• 2007

This thesis deals with the legal principles, case law decisions and suggestions for the Sale & Purchase of ships concerning enactment proposal of maritime law. Recently, the shipbuilding market has shown a major shift towards East Asia, particularly Korea, Japan and China. The major Korean shipyards in particular have engaged in substantial investment programmes both to expand their overall shipbuilding capacity and to enter new markets, such as for liquefied natural gas(LNG) carriers. The Korean Government has recently taken interest in the sale & purchase of used ships, utilizing the Internet and has made plans for building the Shipping Exchange in korea. So this thesis examines the situation of the world's shipping industry and the different kinds of the Sale & Purchase of ships. deals with the legal principles, and case law decisions. describes Forms of Shipbuilding Contracts and Memorandums of Agreement of second-hand ships. And makes suggestions for 1) the Shipbuilding Contracts of the shipowner's Association of Korea and 2) The Korean Shipbrokers' Association's Memorandum of Agreement for Ship Sale & Purchase in the korean shipping industry. Having reached the end of this thesis. the writer suggests to make terms of sale of ships in the korean civil code and commercial code, Additionally. the writer suggests to make a special law in relation to the Sale & Purchase of ships. Furthermore, the writer suggests expanding the Shipping Exchange in Korea.

• Journal of Arbitration Studies
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• v.25 no.4
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• pp.3-23
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• 2015

The Chevron saga including Chevron/TexPet v. Ecuador, PCA Case No. 34877(hereinafter referred to as "Chevron I") and Chevron/TexPet v. Ecuador, PCA Case No. 2009-23(hereinafter referred to as "Chevron II") started out of domestic litigations between TexPet and Ecuador in the early 1990s. In Chevron I, the Tribunal decided that Article 2(7) of the U.S.-Ecuador BIT on effective means of provision was breached because of undue delays in the seven legal proceedings TexPet had brought against Ecuador in respect to contractual obligations. In Chevron II, it was contended that through the actions and inactions of the judiciary and the executive, Ecuador breached her several obligations under the BIT. Ecuador objected to the jurisdiction of the Tribunal because TexPet's investment was terminated in 1992, and because Chevron is not a party to the 1995 Settlement Agreement and 1998 Final Release. In its Interim Award on Jurisdiction and Admissibility, the Tribunal applied a prima facie standard to the facts alleged by the Claimants but denied by the Respondent, and decided that questions in respect of the Respondent's jurisdictional objections should be joined to the merits under Article 21(4) of the UNCITRAL Arbitration Rules. In the merits phase of Chevron II, the Tribunal divided the merits of the Parties' dispute into two parts, entitled "Track 1" and "Track 2". In its Partial Award on Track 1, the Tribunal decided that Chevron is a "Releasee" under the 1995 Settlement Agreement. In a decision on "Track 1B", the Tribunal decided that the Lago Agrio complaint cannot be read as pleading "exclusively" or "only" diffuse claims, and that, to this extent, the Claimants' reliance on the 1995 Settlement Agreement as a complete bar to the Lago Agrio complaint must fail, as a matter of Ecuadorian law. The Tribunal maintained the position that the Parties' disputes on both merit and jurisdiction should be reserved for Track 2. It remains to be seen how the Tribunal addresses the Claimants' allegations of multiple denials of justice under international law against the judgments of the Respondent's Courts, together with the Respondent's jurisdictional objections in Track 2 of the arbitration.

• Journal of Climate Change Research
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• v.9 no.2
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• pp.181-195
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• 2018

On December 12, 2015, the Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC) adopted the Paris Agreement, in which several developed and developing countries all committed to participating in the reduction of greenhouse-gas (GHG) emissions. South Korea has submitted an intended nationally determined contribution (INDC) proposal with a target to cut down 37% greenhouse gas business as usual (BAU) until 2030 in preparation for the 2030 GHG BAU. Under the post-2020 regime, which will be launched from 2021 as the agreement entered into force early, it is expected that efforts to support GHG reduction and adaptation to climate change in developing countries will be accelerated with the utilization of technologies and financial resources of developed countries. South Korea has established the Basic Plan for Climate Change Response and the Basic National Roadmap for Greenhouse Gas Reductions by 2030 to promote the response to climate change at the government level. The Ministry of Science and ICT, as the National Designated Entity designated by the UNFCCC, has come up with middle and long-term strategies for climate technology cooperation. South-Korea has an abundance of energy-consuming industries to support its export-oriented industrial structure; it is thus expected that achieving the GHG reduction target will incur a considerable cost. Moreover, in order to meet the reduction target (11.3%) of the intended nationally determined contribution proposed by South Korea, it is necessary for South Korea to actively promote projects that can achieve GHG reduction achievements, and financial resources are needed as leverage to reduce risks that can occur in the early stages of projects and attract private sector investment. This paper summarizes the theoretical discussions on climate finance and conducted a comparative analysis on the status of the funds related to climate change response in the UK, Germany, Japan and Denmark. Through this, we proposed the legal and policy tasks that should be carried forward to raise public funds that can be used for creation of new industries related to climate change as well as to reduce GHG emissions in South Korea. The Climate Change Countermeasures Act, which has been proposed by the National Assembly of South-Korea, stipulates the establishment of funds but there is no additional funding except for general account. In this regard, it is also possible to take measures such as the introduction of carbon tax or the collection and use of royalties through technology research and development projects for climate change, such as Industrial Technology Innovation Promotion Act. In addition, since funds are used in various fields such as domestic greenhouse gas reduction, technology development, and overseas projects, it is necessary to establish a system in which various ministries cooperate with the operation of the fund.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.38
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• pp.181-226
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• 2008

The purpose of this paper is to describe the settling procedures of the investor-state disputes in the FTA Investment Chapter, and to research on the international arbitration system for the settlement of the investor-state disputes under the ICSID Convention and UNCITRAL Arbitration Rules. The UNCTAD reports that the cumulative number of arbitration cases for the investor-state dispute settlement is 290 cases by March 2008. 182 cases of them have been brought before the ICSID, and 80 cases of them have been submitted under the UNCITRAL Arbitration Rules. The ICSID reports that the cumulative 263 cases of investor-state dispute settlement have been brought before the ICSID by March 2008. 136 cases of them have been concluded, but 127 cases of them have been pending up to now. The Chapter 11 Section B of the Korea-U.S. FTA provides for the Investor_State Dispute Settlement. Under the provisions of Section B, the claimant may submit to arbitration a claim that the respondent has breached and obligation under Section A, an investment authorization or an investment agreement and that the claimant has incurred loss or damage by reason of that breach. Provided that six months have elapsed since the events giving rise to the claim, a claimant may submit a claim referred to under the ICSID Convention and the ICSID Rules of Procedure for Arbitration Proceedings; under the ICSID Additional Facility Rules; or under the UNCITRAL Arbitration Rules. The ICSID Convention provides for the jurisdiction of the ICSID(Chapter 2), arbitration(Chapter 3), and replacement and disqualification of arbitrators(Chapter 5) as follows. The jurisdiction of the ICSID shall extend to any legal dispute arising directly out of an investment, between a Contracting State and a national of another Contracting State, which the parties to the dispute consent in writing to submit to the ICSID. Any Contracting State or any national of a Contracting State wishing to institute arbitration proceedings shall address a request to that effect in writing to the Secretary General who shall send a copy of the request to the other party. The tribunal shall consist of a sole arbitrator or any uneven number of arbitrators appointed as the parties shall agree. The tribunal shall be the judge of its own competence. The tribunal shall decide a dispute in accordance with such rules of law as may be agreed by the parties. Any arbitration proceeding shall be conducted in accordance with the provisions of the Convention Section 3 and in accordance with the Arbitration Rules in effect on the date on which the parties consented to arbitration. The award of the tribunal shall be in writing and shall be signed by members of the tribunal who voted for it. The award shall deal with every question submitted to the tribunal, and shall state the reason upon which it is based. Either party may request annulment of the award by an application in writing addressed to the Secretary General on one or more of the grounds under Article 52 of the ICSID Convention. The award shall be binding on the parties and shall not be subject to any appeal or to any other remedy except those provided for in this Convention. Each Contracting State shall recognize an award rendered pursuant to this convention as binding and enforce the pecuniary obligations imposed by that award within its territories as if it were a final judgment of a court in that State. In conclusion, there may be some issues on the international arbitration for the settlement of the investor-state disputes: for example, abuse of litigation, lack of an appeals process, and problem of transparency. Therefore, there have been active discussions to address such issues by the ICSID and UNCITRAL up to now.

• Korean Journal of Construction Engineering and Management
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• v.19 no.5
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• pp.10-21
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• 2018

This study analyzes difficulties of enterprise activities in Chinese construction market by surveys on early entrants and interviews with experts. This study also suggests future strategy to enter the market by using inducement coefficient model. Korean construction companies in China are under heavy pressure to maintain requirement of licenses, despite recent deregulation. They are in dire predicament for market entry due to the Foreign Direct Investment System. It is almost impossible to participate in public projects and also it is not easy to do PPP projects. Therefore, Korean government should make more efforts to solve those issues through negotiations in FTA and GPA. For future expansion in Chinese construction market, it is highly recommended to boost cooperation models between Korea and China according to the empirical results of inducement coefficient model. Korean companies should collaborate with Chinese companies in some fields: smart city, environment and water treatment. Also, Korean government should support Korean companies by diplomatic means such as requesting for further opening of China's market. In GPA or GATS negotiation, Korean government should ask Chinese government that Korean companies can obtain order independently (without joint venture with Chinese companies) in China. Lastly, Korean construction companies should participate in construction projects ordered by international organizations such as ADB, AIIB.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.3
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• pp.576-586
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• 2019

Airlines need to reduce their greenhouse gas (GHG) emissions because of the Paris Climate Agreement and ICAO CORSIA. This examined the degree of the strategic responses to which the airlines have made and the problems in the emission trading system (ETS). According to the analysis, the total amount of emission all the airlines made in the last three years was 116% more than the emission allowance imposed by the central government resulting in 10.7 billion KRW additional emission expense. Airlines would also face an increased carbon cost due to the implementation of ICAO CORSIA by purchasing an additional paid-in emission allowance in international routes. Although it is effective to retire the old aircraft early and induce the brand-new fuel-efficient aircraft to reduce GHG emissions, it is impractical in the short-term due to the tremendous amount of investment. To reduce the emission, airlines are washing engines, using ultra-light ULD and carts in the cabin, increasing the use of flaps and preventing the use of APU. On the other hand, these are very limited measures for reducing emissions according to the ICAO's mandatory emission target.

• Journal of Arbitration Studies
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• v.14 no.2
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• pp.135-172
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• 2004

While doing business in China foreign companies occasionally find themselves embroiled in disputes with Chinese individuals, companies or the Chinese Government. There are three primary ways to resolve a commercial dispute in China are negotiation, arbitration and litigation. The best way of dispute resolution is negotiation as it is the least expensive method and the working relationship of both parties concerned in dispute. But negotiations do not always give rise to resolution. Arbitration is the next choice. Unless the parties concerned can agree to resort to arbitration after the dispute has arisen, the underlying contract namely, sales contract or separate agreement must show that disputes will be resolved by arbitration. Agreements to arbitration specify arbitration body and governing law. There are two Chinese government -sponsored arbitration bodies for handling cases involving at least one foreign party: China International Economic and Trade Arbitration Commission(CIETAC) and China Maritime Arbitration Commission(CMAC) for maritime disputes. Contracts regarding foreign companies doing business in China often designate CIETAC arbitration. CIETAC distinguishes between two kinds of dispute resolutions, foreign-related arbitration and domestic arbitration. For a dispute to be classified as foreign-related arbitration, one of the companies must be a foreign entity without a major production facility or investment in China. CIETAC has published rules which govern the selection of a panel if the contract does not specify how the choice of arbitration will be handled. CIETAC's list of arbitrators for foreign-related disputes, from which CIETAC's arbitrators must en chosen, includes may non-Chines arbitrators. But many foreign experts believe that some aspects of CIETAC needs to be improved. The purpose of this paper is to improve the understanding of arbitration in China, CIETAC by way of studying the current situation and improvement of international commercial arbitration in China.