The Amendment to the Korean Framework Act on International Development Cooperation (hereinafter as “Act”) was proposed by the Korean Foreign Affairs and Unification Committee at the end of last year. The law intent is to improve the human rights of juveniles in developing countries by the establishment of a variety of international development cooperation programs for at risk and impoverished children. Main Objectives of the Korean Framework Act on International Development Cooperation The major purpose of the Act is to enhance “…the appropriateness of policies for international development cooperation and the effectiveness of implementation thereof, and effectively achieve the policy objectives of international development cooperation by providing for basic matters concerning international development cooperation, thus contributing to the co-prosperity of humanity and to world peace.” (Art 1). The cooperation partners included are either based on bilateral (f.i. cooperation partners of the State, local governments or public institutions) or multilateral (international
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Exclusion of Japan from Export/Import White List
South Korea is on track toward barring Japan from its export control white list this month, in a blow for blow reaction to Tokyo’s prior choice to expel Seoul from its favored nation trading regime. On July 1, 2019 the Japanese government restricted the export to Korea of three classes of materials: fluorinated polyimide, photoresist and hydrogen fluoride. These chemicals are utilized in important export-driven manufacturing operations in Korea. Seemingly, the restriction is in reaction to a Korean Supreme Court case concerning liability of Japanese companies to the Korean victims of WWII sex slavery. Starting in July, the total volume of imports of these three materials remained at $800 billion and represented around 1.8 percent of all imports from Japan. The restrictions have not prompted any imminent problems for Korean manufacturer according to the Korean Ministry of Trade, Industry & Energy. It was announced by the Korean Ministry of Trade,
Continue readingJurisdiction and Choice of Law Issues in Agency Agreements
In drafting and negotiating a Korean commercial agency agreement between a principal located in one country and an agent located in another country, proper consideration needs to be given to the choice of law regarding the governing law and jurisdiction of such an agreement. Jurisdiction determines which country’s courts will hear any proceedings that may be brought in relation to the agreement, whilst governing law is the law that shall be applied by the courts hearing any such proceedings that may arise under the agreement. Ideally, the parties to the agreement should expressly agree as to choice of jurisdiction and governing law. A governing law clause will set out the parties’ choice of the law that will apply to the parties’ agreement, and a jurisdiction clause will set out the parties’ choice as to jurisdiction. These aforementioned clauses are – in general – considered by any courts (for the exemptions
Continue readingDistribution Agreements in Korea: Crawl before you Walk
Prior to going into any relationship with a distributor/agent in Korea, please read my post entitled: Finding a Korean Distributor: The Top 10 Things to Know Before Going to Bed with a Distributor in Korea. Please read that post in combination with this post, prior to engaging a distributor in Korea. We see too many Korean distribution agreements that are mere spun U.S. or European agreements. Please have your Korean distribution agreement and all agreements you have in Korea drafted by an experienced and proactive attorney that has on-the-ground experience in Korea. We see too many issues that could have been easily resolved by a carefully drafted agreement and a little due diligence. Issues to consider for your Korean Distribution Agreement: Will your distributor in Korea be your agent? If the Korean distributor is an agent, generally, you will, only, be paying your agent In Korea a commission and you will be
Continue readingKorea Increases the List of Serious Crimes in the Act on Regulation and Punishment of Criminal Proceeds Concealment
The Chair of the Legislation and Judiciary Committee in Korea proposed an Amendment to the Korean Act on Regulation and Punishment of Criminal Proceeds Concealment (hereinafter as “Act on Punishment of Criminal Proceeds Concealment”) on April 4, 2019. Some crimes shall be added to the list of “serious crimes” stated in the aforementioned Act. Amendment to the Act on Punishment of Criminal Proceeds Concealment The list of “serious crimes” (also “specific crimes”) as defined in Art. 2 (1) Korean Act on Punishment of Criminal Proceeds Concealment shall be extended with the proposed Amendment. These newly added “serious crimes” shall be subject to a proper punishment under this Act, especially for concealing, disguising and/or exchanging criminal proceeds. In addition, the collection and/or confiscation of such illegally earned proceeds shall be able. The newly added ‘serious crimes’ under this Act shall be for instance: Confinement, human trafficking, kidnapping, abduction, etc., as well
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