TEHRAN - The head of the Iran-Syria Joint Economic Committee has announced that the two sides will soon begin establishing joint insurance and banking institutes as well as free trade zones, the portal of Iran’s Transport Ministry reported.

Iran’s Transport and Urban Development Minister Mehrdad Bazrpash made the remarks in a meeting of the two countries’ Joint Economic Committee in Tehran, expressing satisfaction with the implementation of previous agreements between the two nations.

He also said that the pace of implementing bilateral agreements has sped up in recent months and that the two sides will introduce joint economic zones soon. 

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 to follow up agreements concerning gas and electricity cooperation.

The Iranian minister 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, who co-chairs the Iran-Syria Joint Economic Committee, 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.

EF/MA