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rules of arbitration3. The diversification of choices result in an increase
of arbitration centers, not just in Europe and America but also in Asia,
such as Singapore and Hong Kong. States increasingly promote their
institutions for international arbitration, stressing their geopolitical
advantages and arbitration friendly legal infrastructure.
Istanbul as International Center of Finance and Arbitration
Istanbul is not only the financial center of Turkey, but also, due to
its geopolitical advantages and developing economy, a prominent and
increasingly dominant headquarters in the region for cross-border
financial transactions. Unsurprisingly, the Turkish Higher Planning
Council adopted a resolution, dated September 29, 2009, and num-
bered 2009/314, designating Istanbul as the center of international
finance, and foreseeing the establishment of the Istanbul International
Finance Center (“IFC”)5. One of the pillars of the IFC and the second
priority specified in its Strategy and Action Plan, dated October 2009,
is the establishment of an independent and autonomous institutional
arbitration center that is capable of competing internationally with
respect to cost, speed and effectiveness6.
Draft Law on Istanbul Arbitration Center
In accordance with this objective of establishing an institutional
arbitration center, the Council of Ministers submitted a Draft Law on
the Istanbul Arbitration Center (“Draft Law”)7 to the national parlia-
ment on March 25, 2013. The Draft Law was referred from the Justice
Commission to the Turkish Grand National Assembly on July 15,
2014, and is currently in the assembly’s agenda. Even though an accu-
rate projection cannot be made on the timing of the promulgation of
ARBITRATION LAW 203
3 See, Prof. Dr. Ziya Akıncı, “ Neden İstanbul Tahkim Merkezi?”,
content/uploads/2014/01/3-Ziya-AKINCI.pdf (accessed on July 30, 2014).
4 Published in the Official Gazette dated October 2, 2009, and no. 27364.
5 See Newsletter article “Will Istanbul Become A Center For International Arbitration?” dated
November 2009
international-arbitration/ (accessed on July 30, 2014).
6 See
%20IFC%20Istanbul.pdf (accessed on July 30, 2014).
7 See (accessed on July 30, 2014).