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As trade between states increase, disputes concerning international trade are apt to take place. Arbitration is often acknowledged as a resolution to these problems. If arbitration were to be effectively used as a valid method in settling disputes, the award given by the arbitration tribunal should actually be recognized and enforced especially in cases of foreign arbitral awards where the state's own public power has not yet recognized its effect. Hence, most states have become the member of "The United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards," the New York Convention in short. While the New York Convention refers to commercial disputes, most states regulate in their Bilateral Investment Treaties (BIT) that
disputes relating investment should be resolved through the ICSID Convention. Thus, this thesis first focuses on ICSID arbitration and afterwards examines the New York Convention and lastly concentrates on the actual procedure of the recognition and enforcement of arbitral awards.
When disputes occur during the application of investment treaties, one of the parties is apt to be a state or state organ. In such cases, if the disputes were to go to trial or arbitration, it is natural for the private investor to be concerned on whether a fair judgment would take place within the host state. Thus, ICSID arbitration serves as a neutral international arbitration organization within the World Bank (IBRD). ICSID arbitration is mainly discussed in chapters 2 to 4.
Korea is also a member of the New York Convention. The ICSID Convention is particular in that it only applies to investment conflicts between states and foreign private parties. However, it can be
categorized as foreign arbitration under the New York Convention, which means that theoretically, both the ICSID Convention and New York Convention can be applied in ICSID arbitral awards. However, the ICSID Convention regulates a more simple procedure regarding
recognition and enforcement, so in most cases the chances that the New York Convention would apply in ICSID arbitral awards are rare. Therefore, the ICSID Convention generally applies only in ICSID arbitrations, whereas the New York Convention applies in other commercial arbitrations. This paper focuses on the study of the New York Convention in chapters 5 and 6. Chapters 7 and 8 examines the actual enforcement procedure as well as the annulment of arbitral awards. The conclusion is discussed in chapter 9.