Iran, Syria to set up joint free trade zones: Iran minister

The head of the Iran-Syria Joint Economic Cooperation Commission has announced the two sides will make the establishment of joint insurance and banking institutes as well as free trade zones operational.

News ID: ۸۱۲۶۲۴

08 December 2023

Mehrdad Bazrpash made the remarks in a meeting of the Joint Economic Cooperation Commission in Tehran, expressing satisfaction with the implementation of previous agreements between the two nations. He also said that the pace of implementing bilateral agreements sped up in recent months and that the two sides will introduce joint economic zones in the near future.

Iran and Syria are accelerating operational measures to implement bilateral accords, he said, proposing the formation of a permanent joint energy committee between the two countries in order to follow up agreements concerning gas and electricity cooperation.

The Iranian minister of roads and urban development also underlined the need for finalizing the Tehran-Damascus railway project, noting that the Islamic Republic of Iran Railways is fully prepared to study the reconstruction of damaged railroads in Syria.

Syrian Minister of Economy and Foreign Trade Mohammad Samer Khalil declared both parties’ plans to pursue joint ventures such as setting up free trade zones and joint insurance and banking institutes.

The Syrian official also said the two sides have reached a good consensus regarding the guidelines of the free trade agreement, and the framework of cooperation between central banks, as well as tourism, and transportation sectors. / MEHR