The Union of Chambers and Commodity Exchanges of Turkey (TOBB) is working to establish a Turkish-Arab chamber as a result of an agreement to be signed with the Union of Arab Chambers.

A written statement from TOBB revealed that the Turkish-Arab chamber would bring together the Turkish business world with 22 economies with an economic size of $2.7 trillion. Aimed at lending impetus to trade between Turkey and 22 Arab countries, the chamber will be established by a protocol to be signed in Istanbul on Nov. 24.

TOBB Chairman Rifat Hisarcıklıoğlu said the chamber would contribute to the development of trade and investment relations between Turkey and Arab countries through joint events and works.

The unions of chambers from 22 Arab countries will take part in the Turkish-Arab chamber's management board on behalf of the Union of Arab Chambers. TOBB has assigned a 22-person management board for the chamber.

Founded in 1951, the Beirut-based Union of Arab Chambers is known for its active works. As the umbrella organization of the private sector in many Arab countries, it includes rich Gulf countries such as Saudi Arabia, Qatar, Bahrain, the United Arab Emirates, Kuwait and Oman and Central and North African countries, such as Egypt, Libya, Tunisia, Algeria, Morocco, Somalia and Sudan. It represents 378 million people and has an economic size of nearly $2.7 trillion.