KOTRA, Ministry of Justice join forces to prevent international investment disputes
Posted : 2021-04-30 15:29
Updated : 2021-04-30 17:12
KOTRA s Foreign Investment Ombudsman Kim Sung-jin, right, poses with Justice Minister Park Beom-kye after signing a memorandum of understanding to cooperate on preventing investor-state disputes at the former s headquarters in southern Seoul, Friday. Courtesy of KOTRA
By Baek Byung-yeul
Korea Trade-Investment Promotion Agency (KOTRA) has forged a partnership with the Ministry of Justice to deal with potential investor-state disputes, the state-run trade promotion agency said Friday.
A legal process called Investor-State Dispute Settlement (ISDS) lets investors sue countries for discriminatory practices. Currently, Korea has had eight ISDS cases and three of them were settled, while the remaining cases are ongoing.