International commercial arbitration as an alternative dispute solving mechanism and its role in the Turkish judiciary system

Globalization has been leading to enormous changes in the world order and economy. Global market economy needs a legal system to define and protect the rights of both national and international investors against unjust competition and jurisdiction.As one of the main pillar of globalization, free movement of capital and security of capital is vital for the international investors. Legal aspect of securitization of capital is very significant especially when a dispute arise between foreign investors and state due to mistrust to local courts and complexity of the legal system. Hence, international commercial arbitration became an alternative dispute settlement mechanism. In this study, after introducing milestones for the development of international commercial arbitration in 20th century, main features and international arbitration institutions and their rules are focused to demonstrate international structure and arbitration models. On the basis of international dimension of the issue, the role and function of international commercial arbitration in Turkish Judiciary System is elaborated through focusing on Constitutional amendments, laws and legal interpretations. While concentrating on Turkish legal system, concession agreements will mainly stressed through some cases. In this study, concept of public interest and debate on “foreign element” are also covered.