Tehran Regional Arbitration Centre (TRAC) was established on 3 May 1997, through an Agreement concluded between the Government of the Islamic Republic of Iran and AALCO. At the AALCO’s 42nd Session in Seoul (2003), the Delegate of Islamic Republic of Iran informed that the Judicial Power has adopted the Agreement and that all the legal procedure applicable in the Islamic Republic of Iran for the ratification of the said Agreement is complete. TRAC effectively commenced its activities on July 2005 by publishing its Rules of Arbitration. TRAC’s current director is Dr. Oveis Rezvanian, appointed on November 2014. On March 2018, TRAC released its new set of Arbitration Rules.
TRAC’s main duty, as an international organization, is to organize institutional arbitration. It is also active in:
- Promotion of international commercial arbitration in the region;
- Coordination of the activities of, and assistance to, existing arbitration institutions in the region;
- Assistance to ad-hoc arbitration, especially in cases applying the UNCITRAL Rules; and
- Assistance to the enforcement of arbitral awards.