The decision on the ratification of the Agreement between the Republic of Turkey and the Islamic Chamber of Commerce, Industry, and Agriculture for the Establishment of the Organization of Islamic Cooperation ("OIC") Arbitration Centre in Turkey ("Agreement") was published in the Official Gazette dated January 24, 2020. The Arbitration Centre of OIC, which is the second largest intergovernmental organization after the United Nations with 57 member states, will be established in Istanbul, Turkey.
The Agreement regulates the powers and status of the Arbitration Centre and its officers. Pursuant to the Statute of the OIC Arbitration Centre, which is part of the Agreement, the Arbitration Centre will work to facilitate the settlement of commercial and investment disputes referred to the Arbitration Centre involving natural or legal persons from Member States of the OIC and Non-OIC States and to increase and encourage knowledge and expertise regarding arbitration and alternative dispute resolution methods in the OIC member states.
With the OIC Arbitration Centre, trade and investment between Islamic countries is expected to increase and Turkey is expected to be an attractive investment center for business people in Islamic countries, which will likely draw more foreign investment to Turkey.
The Agreement enters into force on the date the Islamic Chamber of Commerce, Industry, and Agriculture receives the written notification regarding completion of the internal legal proceedings in accordance with Turkish legislation.