The Greek, Cypriot and Turkish private sectors agreed to set up a joint arbitration committee to help resolve commercial conflicts. Business leaders from all three countries decided on this as part of the Nicosia Economic Forum to discuss cooperation opportunities.

The agreement was signed by the Turkish Union of Chambers and Commodities Exchanges (TOBB) Chairman Rifat Hisarciklioglu, his Greek counterpart Constantine Michalos and Cypriot chairmen Fikri Toros and Phisias Pilides. Hurriyet Daily announced that the next forum to enable closer cooperation and to establish a mechanism that will allow for greater collaboration is being scheduled in Athens for December.