TEHRAN – In a meeting between Head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) Hossein Selahvarzi with Chairman of the board of the Federation of Syrian Chambers of Commerce Mohamed Abou el-Hoda el-Lahham, at the place of the ICCIMA in Tehran, the two sides emphasized that the private sectors of the two countries are ready to establish joint ventures to boost trade exchanges.

The officials noted that the mentioned joint companies can be formed in various fields including energy, food, and agriculture industries, as well as technical and engineering services, the ICCIMA portal reported.

Speaking in this meeting, Selahvarzi said the low level of trade between Iran and Syria is due to the non-implementation of the free trade agreement between the two countries, as well as sanctions and the lack of banking relations between the two sides.

Considering the recent agreements reached between the governments of the two countries most of the mentioned obstacles have been removed and the condition is ripe for increasing trade between the two sides, he said.

Iran and Syria signed six memorandums of understanding (MOUs) on economic and trade cooperation on Saturday.

The MOUs were inked by Iranian First Vice President Mohammad Mokhber and Syrian Prime Minister Hussein Arnous in a ceremony at the end of the meeting of the two countries’ Joint Economic Committee in Tehran.

As reported, Iran’s ministers of industry, mining and trade, energy, finance and economic affairs, sport and youth, agriculture, oil, and culture, as well as the governor of the Central Bank of Iran (CBI) were present in the signing ceremony of the mentioned MOUs.

Addressing the meeting of the two countries’ Joint Economic Committee, Iran’s Transport and Urban Development Minister Mehrdad Bazrpash, who is the co-chairman of the Iran-Syria Joint Economic Committee, announced that the two sides will soon begin establishing joint insurance and banking institutes as well as free trade zones.

Bazrpash expressed 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

Photo: ICCIMA Head Hosein Selahvarzi (R) and Chairman of the Federation of Syrian Chambers of Commerce Mohamed Abou el-Hoda el-Lahham