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Although Turkey has been comparatively slow to develop an arbitration culture, today èˆ'befitting its rapid rise to sixteenth among the world舗s national economies èˆ'arbitration has become the norm there in both domestic and international commercial disputes. To meet the prodigious increase in Turkish transnational transactions since the turn of the 21st century, the legislature has created a powerful legal framework regarding arbitration, and a sophisticated arbitration expertise has come to the fore. The pending Istanbul Arbitration Centre, envisaged to be governed by private stakeholders and to be an autonomous institution subject to private law, will fill whatever need remains for a centralized and effective arbitration culture in Turkey. |
