9. Arbitrators appointed to the arbitral tribunal established under this Article shall have expertise or experience in public international law, in particular international investment law. It is desirable that they have expertise or experience in resolution of disputes arising under international investment agreements.
10. Arbitrators shall be independent of, and not be affiliated with or take instructions from the investor or either Contracting Party with regard to investment matters.
11. The arbitral tribunal established under this Article shall take its decisions in accordance with the provisions of this Agreement and principles and rules of international law applicable to the Contracting Parties. The Contracting Parties confirm their mutual understanding that where the laws or regulations of the host Contracting Party are relevant to a claim, the arbitral tribunal shall take into account those laws or regulations as a matter of fact.
12. A joint written interpretation of the Contracting Parties on a provision of this Agreement shall be binding on an arbitral tribunal established under this Article, and any decision or arbitral award issued by the arbitral tribunal must be consistent with that interpretation.
13. An arbitral award shall be final and binding only on the disputing parties and in respect of the particular case. Each Contracting Party shall provide for the recognition and enforcement of an arbitral award in its area and ensure the recognition and enforcement of such award in accordance with its laws and regulations.
14. A dispute that is submitted to arbitration under this Article shall be considered to arise out of a commercial relationship or transaction for the purpose of Article I of the New York Convention.
Article 15. Settlement of Disputes between the Contracting Parties
1. If any dispute arises between the Contracting Parties relating to the interpretation or application of this Agreement, the Contracting Parties shall in the first place try to settle it by negotiation.
2. If the Contracting Parties fail to reach a settlement of the dispute by negotiation, the dispute may be referred by them to such person or body as they may agree on or, at the request of either Contracting Party, shall be submitted for decision to a tribunal of three arbitrators which shall be constituted in the following manner:
(a) within thirty (30) days after receipt of a request for arbitration, each Contracting Party shall appoint one arbitrator. A national of a State which can be regarded as neutral in relation to the dispute, who shall act as President of the tribunal, shall be appointed as the third arbitrator by agreement between the two arbitrators, within sixty (60) days of the appointment of the second;
(b) if within the time limits specified above any appointment has not been made, either Contracting Party may request the President of the International Court of Justice, in a personal and individual capacity, to make the necessary appointment within thirty (30) days. If the President considers that he or she is a national of a State which cannot be regarded as neutral in relation to the dispute, the Vice-President or the next most senior Member who is not disqualified on that ground shall make the appointment.
3. Except as hereinafter provided in this Article or as otherwise agreed by the Contracting Parties, the tribunal shall determine the limits of its jurisdiction and establish its own procedure. At the direction of the tribunal, or at the request of either of the Contracting Parties, a conference to determine the precise issues to be arbitrated and the specific procedures to be followed shall be held not later than thirty (30) days after the tribunal is fully constituted.
4. Except as otherwise agreed by the Contracting Parties or prescribed by the tribunal, each Contracting Party shall submit a memorandum within forty-five (45) days after the tribunal is fully constituted. Replies shall be given by the Contracting Parties sixty (60) days thereafter. The tribunal shall hold a hearing at the request of either Contracting Party, or at its discretion, within thirty (30) days after replies are due.
5. The tribunal shall attempt to give a written decision within thirty (30) days after completion of the hearing or, if no hearing is held, after the date both replies are submitted. The decision shall be taken by a majority vote.
6. The Contracting Parties may submit requests for clarification of the decision within fifteen (15) days after it is received and such clarification shall be issued within fifteen (15) days of such request.
7. The decision of the tribunal shall be final and binding on the Contracting Parties.
8. Each Contracting Party shall bear the costs of the arbitrator appointed by itself. The other costs of the tribunal shall be shared equally by the Contracting Parties including any expenses incurred by the President, Vice-President or Member of the International Court of Justice in implementing the procedures in paragraph 2(b) of this Article.
Article 16. Service of Documents
Notices and other documents concerning disputes under Article 14 (Settlement of Disputes between a Contracting Party and an Investor of the Other Contracting Party) and Article 15 (Settlement of Disputes between the Contracting Parties) of this Agreement shall be delivered to:
(a) in respect of the HKSAR, the Trade and Industry Department; and
(b) in respect of Türkiye, the General Directorate of Law and Legislation of the Presidency.
Article 17. Entry Into Force
This Agreement shall enter into force thirty (30) days after the date on which the Contracting Parties have notified each other in writing that their respective requirements for the entry into force of this Agreement have been complied with.
Article 18. Duration and Termination
1. This Agreement shall remain in force for a period of fifteen (15) years and shallthereafter remain in force indefinitely, unless terminated in accordance with paragraph 2 of this Article.
2. Either Contracting Party may terminate this Agreement at any time after it has been inforce for fifteen (15) years by giving one year’s written notice to the other Contracting Party.
3. In respect of investments made prior to the date of termination of this Agreement, theprovisions of Articles 1 to 16 of this Agreement shall remain in force for a further period of ten (10) years from that date.
Conclusion
IN WITNESS WHEREOF, the undersigned representatives, duly authorized thereto by their respective Governments, have signed this Agreement.
DONE in two originals at Ankara this 1st day of June 2023 and at Hong Kong this 31st day of October 2023 in the Chinese, English and Turkish languages, all texts being equally authentic. In case of divergence, the English text shall prevail.
For the Government of the Hong Kong Special Administrative Region of the People’s Republic of China
Algernon YAU Ying-wah
Secretary for Commerce and Economic Development
For the Government of the Republic of Türkiye
Dr. Çetin Ali DÖNMEZ
Deputy Minister of Industry and Technology