DIFC Courts' Asian network expands with South Korean memorandum
The DIFC Courts' expanding structure of collaboration agreements with office courts in Asia took a considerable progression today with the signing of a memorandum with the Supreme Court of Korea. The file, which covers the common enforcement of cash judgments, was checked in Seoul by Michael Hwang, Chief Justice of the DIFC Courts as well as Justice PARK Byoung-dae, Minister of National Court Administration of the Supreme Court of Korea.
The UAE and South Korea are significant trading companions, with bilateral trade approximated to be worth US$ 7 billion in 2014. Significant exports from the UAE include oil and also oil items and aluminium, while electronic devices, steel goods, textiles and also vehicles are imported in substantial numbers from South Korea. The two countries additionally have strong web links in locations such as education, healthcare and also renewable resource.
DIFC Courts Chief Justice Michael Hwang claimed: "Asia is a hugely vital market for business between East, which is why we have actually prioritised setting up official links with court systems in the area. We are delighted to establish formal links with among the powerhouses of the world economic situation as well as anticipate working with the Supreme Court of Korea to support this essential trade corridor.".
The memorandum provides firms operating in the UAE and also South Korea added certainty concerning the stamina of an agreement by setting out the procedures for the common enforcement of cash judgments.
Justice PARK Byoung-dae, Minister of National Court Administration of the Supreme Court of Korea included: "With profession connections between South Korea as well as the UAE coming to be ever more powerful, it is very important that the office lawful systems comply and straighten their treatments for imposing judgments. Our agreement with the DIFC Courts attains this objective as well as will certainly supply additional confidence to business and also capitalists running in our two nations.".
This is the second cooperation contract signed in 2015 by the DIFC Courts and a judiciary in Asia, adhering to a similar memorandum with the Supreme Court of Singapore.
Considering that their territory was opened to companies worldwide in October 2011, the DIFC Courts have established one of the world's best enforcement regimes. Their judgments can be implemented internationally through treaties such as the GCC Protocol and Riyadh Convention; treaties with China and also France; as well as plans with many common law courts overseas, consisting of the Commercial Court of England and Wales, the United States District Court for the Southern District of New York, the Federal Court of Australia, the New South Wales Supreme Court, the High Court of Kenya (Commercial and also Admiralty Division), and also the Supreme Court of the Republic of Kazakhstan.
