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Turkey Pack

31 January 2019

With a population of some 80 million, abundant natural resources, well placed ports and historically high rates of growth, Turkey is an attractive market full of opportunities

Even so, it is not without its challenges: the lira has demonstrated extreme volatility over the past year, having lost almost half of its value against the dollar; the US has imposed significant tariffs on steel and aluminium (against which Turkey has retaliated with tariffs of its own); and countries such as Lebanon and Iran have introduced import bans, affecting Turkish products directly and indirectly respectively.

This pack is designed to help you, from both a legal and commercial perspective to successfully navigate these challenges, mitigate risk, and ultimately find success trading in Turkish markets.

The first section of this pack takes a sector focussed approach to the legal consequences of currency fluctuations, tariffs and import bans on commercial contracts. In particular we draw on HFW’s sector expertise, and consider commodities, voyage charters, derivatives, construction, aviation, and ports and terminal investments.

The second section provides detail on ways you can mitigate risk in Turkey. We consider the available means of security in Turkey, and how you can ensure any security obtained is legally effective. A number of commercial considerations are also considered in respect of obtaining guarantees from Turkish counterparties.

Finally, we turn to your options in case something does go wrong. We provide a detailed overview of the mechanisms for enforcing English court judgments and arbitral awards in Turkey, and Turkish judgments and awards in England.

HFW has extensive experience in advising both Turkish commercial operators trading globally, and global operators trading in Turkey. Should you require further advice or detail on any of the contents of this pack, then do not hesitate to contact any of the contributors listed at the end of the pack. We are grateful to our longstanding partners, Inal Law for their contributions at pages 16-22, and 29-31 on Turkish law in this pack.

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