Azerbaijan, Baku, April 2 / Trend A.Taghiyeva /
Turkey intends to establish an arbitration centre with its headquarters in Istanbul, the Resmi Gazete newspaper (Official Newspaper) of Turkey reported on Tuesday.
The relevant draft law has been approved by parliament. Along with Turkish citizens, foreign nationals will be also able to appeal to the Arbitration Centre.
Istanbul Arbitration Centre will also work in cooperation with international arbitration centres and courts.
One of the basic principles of the Istanbul Arbitration Centre will be preserving confidentiality of a legal entity or company on appeal.
It is expected that by early 2014 the processes associated with the creation of a legal framework for the Arbitration Centre will be complete. By late 2014, the Centre will be able to start work.