Turkey is an important center for international trade and finance. For many Turkish companies making international investments and international companies investing in Turkey, Istanbul has a great potential for arbitration proceedings.
Since the 1980s, Turkey has significantly improved its arbitration legislation and practice and has become an arbitration-friendly country. The advantages of international arbitration in Istanbul can be listed as follows:
– There are many valuable arbitration practitioners in Istanbul who speak foreign languages, are experienced in arbitration and have achieved a high level of litigation success.
– Istanbul is geographically the center of world trade and is located within a maximum of 4 hours flight distance to many cities. Istanbul has the necessary infrastructure for arbitration hearings with translation services, secretariat support and accommodation.
– Established with an international perspective, ISTAC’s Arbitration Rules include modern regulations on the appointment of arbitrators in Expedited Arbitration, Emergency Arbitrator and Ad Hoc arbitrations. In the field of mediation, which gained an international character with the Singapore Convention, ISTAC published Med-Arb Rules in 2019 as the first international arbitration center to combine arbitration and mediation.