Istanbul set to become international arbitration centre
Establishment of a globally renowned arbitration centre in Istanbul has long been discussed. There is concern over the lack of such an institution despite the increasing use of arbitration as an alternative dispute resolution mechanism in Turkey.
The idea of establishing an international arbitration centre in Istanbul was first officially mooted in the Strategy and Action Plan for the Istanbul International Financial Centre, adopted on 29 September 2009 by the Higher Planning Council (which is affiliated with the Ministry of Development).
Under the section on reinforcement of the legal infrastructure, ‘establishment of an independent and autonomous institutional arbitration centre in Istanbul compatible at an international level and effective utilisation of the mediation mechanism’ was listed as the second-highest priority. The plan stipulated that the centre would be established between 2010 and 2012…
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