[Interview] The 82nd GAFTA Arbitrator Worldwide: "We Will Elevate POSCO Inter's Status in the Grain Market"

[Asia Economy Reporter Suyeon Woo] "The global grain market is a large-scale trading market with rapidly changing conditions and strict quality control, making it highly prone to disputes. I will actively work as a dispute arbitrator to elevate POSCO International's status in the global grain market."

On the 5th, Bae Wankwon (photo), Legal Affairs Manager at POSCO International (hereafter POSCO Inter), who became the 82nd in the world and the 3rd in Korea to obtain the Grain and Feed Trade Association (GAFTA) dispute arbitrator qualification, stated this in an interview with Asia Economy. GAFTA dispute arbitrators are experts who mediate disputes arising between parties in grain trading, and their rulings carry the same effect as a final court judgment.

Bae Wankwon, Manager of the Legal Team at POSCO International, who obtained the qualification as the third GAFTA (London Grain Trade Association) dispute arbitrator in Korea / Photo by POSCO Inter

Although POSCO Inter has swiftly entered the grain trading market with 'national food security' as a key priority, its recognition in the global grain trading market remains relatively low. POSCO Inter expects that the active participation of the three GAFTA arbitrators affiliated with the company in the global market will help increase trading volume.

Manager Bae said, "Parties involved in grain trading disputes naturally take an interest in the company to which the arbitrator belongs. The more actively the three arbitrators, including myself, affiliated with POSCO Inter operate, the higher the company's status in the industry is expected to rise."

There are only three professionals in Korea with GAFTA arbitrator qualifications, all of whom were produced by POSCO Inter. POSCO Inter completed the construction of a grain export terminal in Ukraine last year, establishing grain trading infrastructure, and plans to aggressively increase the expected trading volume of 6 million tons this year to build a 10 million ton trading system by 2022.

To obtain GAFTA arbitrator qualification, one must have over 10 years of experience in grain trading and consulting fields to be eligible to apply. Afterward, candidates must complete about a year of online and offline training courses and pass a final exam to earn the qualification, making it a very challenging process. Manager Bae said, "While working in the legal team, I was able to encounter various dispute cases arising during overseas trading processes. Through my work, I naturally experienced dispute resolution cases that appeared on the exam, which was very helpful."

He expected that whereas he had previously been in a position to argue against the opposing party as a party to grain trading disputes, he would now be able to develop the ability to view cases from a macro and objective perspective by taking on the role of arbitrator. Manager Bae said, "Based on the rich experience accumulated at POSCO Inter, I hope to actively engage in arbitrator activities and contribute even a little to the company's growth as a genuine global grain trader."