Union of Chambers and Commodity Exchanges of Turkey

The International Arbitration Seminar hosted by TOBB took place at TOBB Economy and Technology University with the participation of the Minister of Justice, Mr. Ahmet Kahraman.

Mr. Hisarcıklıoğlu, the President of TOBB, the Chairman of ICC Turkey and the Deputy Chairman of Eurochambers, who made the opening speech at the Seminar mentioned that as the ICC International Court of Arbitration renovates itself continuously it has become one of the leading institutions in resolving international commercial disputes.

“Globalization has increased the importance of arbitration.”
In his speech, Mr. Hisarcıklıoğlu expressed that not only disputes in the developed countries, but also the number of commercial disputes in Eastern Countries, Latin American Countries and Far Eastern Countries have grown. Businessmen choose arbitration to resolve their disputes because of their risk management strategies. Globalization has increased the importance of arbitration.

He also mentioned that during the last decade the average growth rate of world economies is 4%; however the growth of trade volume totaled 9% and the global stable capital investments have increased by 15%. Mr. Hisarcıklıoğlu gave a striking example.  In the production process of an IPhone which is created by Apple, 9 different companies are involved. The parts produced by these 9 companies are assembled in China. Only 7 dollars of its180 dollars production cost is due to its assembling process in China. 
This is what we call globalization; to produce every piece in a different city, in a different country.  This allows the increase of investments and trade involving several companies in the production of a single product. More companies working together means more commercial disputes and this is why arbitration became so important. The main advantages of arbitration are the expertise of arbitrators, its speed and its international recognition.

“ We need to promote arbitration more”

Mr. Hisarcıklıoğlu underlined the importance of promoting arbitration. He mentioned the activities of TOBB in this regard. He also noted that the obstacles preventing the effectiveness of arbitration should be eliminated.

- Ahmet Kahraman, the Minister of Justice

The Minister of Justice, Mr. Ahmet Kahraman, said that the number of disputes is continuously increasing in the world. He also mentioned that in the code of civil procedure that will come into effect on the 1st of October, 2011, new provisions have been added to strengthen the effectiveness of the arbitration process. 

 -Rona Yırcalı, Vice Chairman of ICC Turkey

Rona Yırcalı, Vice Chairman of ICC Turkey, mentioned that ICC International Court of Arbitration has resolved thousands of disputes in all over the world since its establishment in 1923. He said that the success of the Court is due to the fact that it renovates itself, its flexibility and its creditworthiness. 
Mr. Yırcalı noted that in 2010, 76 cases from Turkey have been brought to the ICC International Court of Arbitration; involving 31 claimants and 45 respondents from Turkey. These numbers show that Turkish companies trust more the ICC Arbitration process for resolving commercial disputes.
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