More than other parts of the world the Asia and Pacific region has in recent years not only shown an active interest in attracting international business but also to provide for an environment in which any arising disputes can be resolved through arbitration in the region without having to resort to European destinations or further afield. This fact is emphasized by the high adoption rate in the Asia and Pacific region of the legal instruments in the arbitration field offered by the United Nations Commission on International Trade Law (UNCITRAL).
Following the substantial revisions made by UNCITRAL to its arbitration framework in recent years this study examines the status quo in a few selected jurisdictions in the region ranging from highly developed arbitration hubs (such as Hong Kong and Singapore) to countries where arbitration is still in its infancy (such as Bangladesh) or where other factors affect the success story (such as in Japan).
The jurisdictions examined in this study are insofar comparable in that they have all adopted the UNCITRAL Model Law on International Commercial Arbitration and in that are all situated in the Asian and Pacific region, however the development and status quo of arbitration in some of these jurisdictions could not be more different. Similarly, the arbitral institutions covered by this study and their rules too share a common denominator, that being the UNCITRAL Arbitration Rules. Again, despite their shared origin it is fascinating to see which routes these arbitral institutions took and how they formed the UNCITRAL text to meet their own requirements.
At the outset of the study stands a brief introduction into arbitration followed by a detailed explanation of the entire UNCITRAL arbitration framework. The second and main part of the study features the country reports whereby first the arbitration legislation of the jurisdiction is examined followed by the institutions and their rules. The study is concluded with recommendations for increasing conformity with the UNCITRAL arbitration framework in the examined jurisdictions.
Ⅰ. Introduction 9
A. Definition and characteristics of arbitration 9
B. Advantages and disadvantages of arbitration 11
C. Pre-requisites for the successful implementation of an arbitration regime 14
Ⅱ. The UNCITRAL arbitration framework 17
Ⅲ. Country analysis 25
A. Bangladesh 25
B. Hong Kong 34
C. Japan 43
D. Korea (Republic of) 51
E. Malaysia 58
F. Singapore 67
Ⅳ. Conclusions and recommendations 75