TEHRAN - Iran’s Trade Promotion Organization (TPO) held a conference on Syria’s trade opportunities for Iranian business operators on Sunday, RINA reported.

The conference dubbed “Reconstruction of Syria” was attended by officials from the two countries and representatives of companies from both sides.

Speaking at the event, Abdolamir Rabihavi, the director general of TPO West Asia Office, said the economic cooperation between Iran and Syria has entered a new stage, adding that Iranian business operators have a potential $5.0 billion market waiting for them.

“Syria is looking forward to the expansion of economic ties with Iran,” Rabihavi said.

Iran, Syria to establish joint bank

According to the official, the Central Bank of Iran (CBI) has agreed to establish a joint bank with Syria.

“Initial discussions on the establishment of a joint bank between Iran and Syria have been carried out. This bank will act far from international sanctions against Iran and Syria. We hope that the bank will reopen next year,” he said.

Negotiations on FTA ongoing

He further noted that the Free Trade Agreement (FTA) between the two countries is expected to be implemented in the next Iranian calendar year (begins on March 20).

According to Rabihavi, the two countries have set the goal to increase their mutual trade exchanges to $500 million, next year.

As the body in charge of the country's foreign trade sector, TPO has presented plans for the economic development of the two countries to the secretariat of the joint commission of the two countries, the ambassadors, and the foreign ministry, the official said.

“Our most important program is to attend international exhibitions in Syria and it is an opportunity for people traders who want to enter the Syrian market to establish themselves,” he noted.

Rabihavi had earlier said that Syria is one of the export target countries of the Islamic Republic, and after the end of the military crisis and the establishment of peace in the region, Iranian traders and businessmen are getting more interested in the Syrian market.

The official said the organization has been taking effective measures to increase the share of Iranian companies in the Syrian market.

He pointed to the Free Trade Agreement (FTA) between Tehran and Damascus and added that the customs tariffs agreed with Syria have been minimized to the zero level.

The two countries have high potential and capacities to boost their trade, Rabihavi added.

As stated by the former TPO head, Iran has allocated a special budget of $50 million to support the Iranian export companies active in the Syrian market.

“Iran and Syria have good political relations and we must use this opportunity and encourage the private sector and our businessmen to enter the Syrian market and the government must do its best in this regard,” Alireza Peyman Pak said.

Iran and Syria signed four documents to boost cooperation in the fields of trade and industry during a visit of an Iranian delegation headed by the country’s industry minister to Damascus in 2022.

The documents were inked at the end of the two countries’ joint economic and industrial committee meetings which were held in the Syrian capital.

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