Turkish, Greek, Cypriot bosses agree on joint arbitration court

ISTANBUL

Turkish Union of Chambers and Commodities Exchanges (TOBB) Chairman Rifat Hisarcıklıoğlu (L), his Greek counterpart, Constantine Michalos (C), and the chairmen of the Cypriot sides, Fikri Toros (R) and Phisias Pilides (2L) announced the agreed decision in the final declaration of the forum.

Representatives of the Turkish, Greek and Cypriot private sectors have agreed to set up a joint arbitration center that will deal with the resolution of commercial conflicts, giving a boost to efforts for the reunification of the divided Cypriot island.

Business leaders from Turkish and Greek Cyprus, as well as Turkey and Greece, made the decision when they met in Istanbul as part of the Nicosia Economic Forum to discuss cooperation opportunities to contribute to the resolution process.

Turkish Union of Chambers and Commodities Exchanges (TOBB) Chairman Rifat Hisarcıklıoğlu, his Greek counterpart, Constantine Michalos, and the chairmen of the Cypriot sides, Fikri Toros and Phisias Pilides announced the agreed decision in the final declaration of the forum.

All four parties’ commerce chambers had agreed to start an initiative on establishing a cooperation mechanism and holding frequent meetings to enable closer communication.

The first forum meeting was held in June at the U.N.-controlled buffer zone in Nicosia and the next meeting will be in Athens in December, Hisarcıklıoğlu announced.