Abstract

On July 2, 2019, the Hague Conference on Private International Law (HCCH) adopted a new multilateral Convention on the Recognition and Enforcement of foreign judgments in civil or commercial matters. When the Convention enters into force, the courts of the Contracting States shall be obliged to recognize and enforce civil and commercial judgments of other Contracting States. Traditionally, the recognition and enforcement of foreign judgments were entirely governed by the domestic laws and practices of each state. It is significant that after a long effort, the Convention on the recognition and enforcement of foreign judgments, which was internationally unified beyond the region, was launched. A substantial risk that a recognition and enforcement of a judgment of one country could be denied in another country has been largely eliminated In the future, the new Convention will complement the 2005 Hague Convention on Choice of Court Agreement and 1958 the New York Convention on the recognition and enforcement of foreign arbitral awards, and could contribute significantly to the stability, predictability of cross-border commercial transactions and thereby improve trade, investment and the global economy. The Convention is now waiting for each country's accession and ratification, and it is noteworthy how well each country will respond and achieve the same success as the New York Convention. In this paper, several issues are reviewed, particularly recognition and enforcement under national law, the method of acceptance by domestic law, fraud as a reason for refusal of recognition and enforcement of judgments, a substantive or procedural violation of public policy, reciprocity, the possibility of setting a uniform standard of habitual residence, the mechanism for declaring of refusal are reviewed. It is necessary to quickly become acquainted with the judgment Convention, in practice and academic circles, including courts dealing with recognition and enforcement of foreign judgments by preparation and distribution of commentary on the Convention. Watching the trend of many countries joining the Convention, we need to review proactively the timing of Korea's accession to the Convention.

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