Iran Enacts free Trade with Syria
Iranian President Mahmoud Ahmadinejad delegated on Wednesday the authorities concerned to put the law on free trade between Syria and Iran in place, whereby a free trade zone between the two countries is set up for five extendable years.
The Iranian News Agency (IRNA) announced that the law on free trade between Tehran and Syria was ratified by the Iranian Shura Council and the Guardian (Khobaraa) Council.
On December 18, 2011, Iran and Syria signed a free trade agreement in a bid to boost bilateral trade especially in industry, mining and agriculture.
Speaking to the Mehr News Agency, the deputy economy Iranian minister Hamid Safdel said that "the deal would pave the way for the two sides to increase annual trade to $5 billion."
"Currently, engineering services is Iran's main exports to Syria, which amounted to $2.2 billion in the last Iranian calendar year which ended on March 20, 2011," Safdel explained.
It is worth mentioning that Iranian firms are currently carrying out different construction projects in Syria such as cement factory, hydroelectric power plants, glass factory, and silos.
Source: News Agencies, Edited by moqawama.org
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