223 / 521
As a material part of the vision of the IFC project aiming to render
Istanbul a regional and global finance center, the foundation of an
international arbitration center is planned in Istanbul. Accordingly, the
Draft Law recently included in the agenda of the Turkish Grand
National Assembly foresees the establishment and structure of the
Istanbul Arbitration Center. Once the Draft Law is promulgated, the
Istanbul Arbitration Center that will be established will have the duty,
among others, to determine the arbitration rules and promote arbitra-
tion.
In order for Istanbul to become a center for international finance
and arbitration, factors such as arbitration-friendliness, expertise,
autonomy and independence, will be essential. The composition of the
bodies of the Istanbul Arbitration Center will have a material effect on
its independence, which needs to be carefully assessed prior to the pro-
mulgation of the Draft Law.
In short, while the promulgation of the Draft Law and the estab-
lishment of the Istanbul Arbitration Center will be important mile-
stones, they will only be the starting points for Istanbul to be interna-
tionally recognized as a center for arbitration on par with Zurich,
Geneva, Paris, London, New York, Singapore and others.
ARBITRATION LAW
207