BILATERAL INVESTMENT TREATIES
Bilateral Investment Treaties (BITs) are regarded as a valuable tool to promote and protect foreign investment. BITs signed by Turkey are also the only tool that can be relied on by the Turkish entrepreneurs investing all around the world to protect their investments and related rights.
So far, Turkey has signed BITs with 98 countries, 76 of them are currently in force. The Contracting Parties include all the EU member states except Ireland as well as all the OECD member countries except Iceland, Canada, Norway and New Zealand.
Turkey also follows a dynamic program to conclude new BITs and modify the old ones in line with the new developments in global investment law.
The main purposes of Turkey’s BIT program are to increase the bilateral flows of capital and technology, and provide protection to the investments of international investors in Turkey well as Turkish investors abroad against non-commercial risks in the framework of international law.
MAIN PRINCIPLES OF TURKEY’S BITs
- Providing a level playground for foreign investors vis a vis domestic investors;
- Providing “National and Most Favored Nation Treatment” for foreign investors and their investments;
- Promote foreign direct investments between contracting states;
- Guaranteeing “Full Protection and Security” and “Fair and Equitable Treatment” for foreign investments;
- Protection against Expropriation of foreign investments;
- Protection against losses due to internal disturbances;
- Guarantee of Free Transfer of Returns & Profits;
- Settlement of investment disputes between foreign investor and host State through international dispute settlement mechanisms
You can access list of Turkey’s current Bilateral Investment Treaties here.