An arbitral award issued in a foreign arbitration shall be recognized as binding to enforce it in Korea. Procedures and requirements for recognition and enforcement of foreign arbitral awards are set forth in the Arbitration Act.

A foreign arbitral award subject to the New York Arbitration Convention of 1958 will be recognized and enforced under the Convention, otherwise it shall be recognized and enforced under the Article 217 of Civil Procedure Act and Article 26 and 27 of Civil Enforcement Act.

Any arbitral award made in the territory of another Contracting State to the Convention is subject to the Convention for being recognized and enforced in Korea. Recognition and enforcement of the award may be refused when it meets the following requirements:

(a) The parties to the agreement, under the law applicable to them, under some incapacity, or the said agreement is not valid under the law to which the parties have subjected it or, failing any indication thereon, under the law of the country where the award was made; or

(b) The party against whom the award is invoked was not given proper notice of the appointment of the arbitrator or of the arbitration proceedings or was otherwise unable to present his case; or

(c) The award deals with a difference not contemplated by or not falling within the terms of the submission to arbitration, or it contains decisions on matters beyond the scope of the submission to arbitration, provided that, if the decisions on matters submitted to arbitration can be separated from those not so submitted, that part of the award which contains decisions on matters submitted to arbitration may be recognized and enforced; or

(d) The composition of the arbitral authority or the arbitral procedure was not in accordance with the agreement of the parties, or, failing such agreement, was not in accordance with the law of the country where the arbitration took place; or

(e) The award has not yet become binding on the parties, or has been set aside or suspended by a competent authority of the country in which, or under the law of which, that award was made; or

(f) The subject matter of the difference is not capable of settlement by arbitration under the law of that country; or

(g) The recognition or enforcement of the award would be contrary to the public policy of that country.

The requirements to recognize and enforce any foreign arbitral award which is not subject to the Contract(made in the Non-Contracting State to the Convention) are same as those of foreign judgements.