The Austrian-Turkish relationship
A conference organised by the Austrian Arbitration Association on 2 December considered the increased economic activity between Austria and Turkey and the rise in business disputes this has yielded.
The economic relationship between Turkey and Austria is much stronger and deeper than one would initially imagine. In 2011 Austria saw its trade with Turkey increase by an unprecedented 40 per cent. Austria had exports of approximately €1 billion to Turkey and at the same time received imports from Turkey of approximately €900 million. Surprisingly, Austria was the biggest foreign direct investor in Turkey in volume in 2010.
Turkey, as a growing middle-income country at a geographical and cultural crossroads, has a unique history with arbitration under bilateral investment treaties.
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