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Syria, Iran to Implement FTA at Crucial Time

Iran and Syria will consolidate their strategic relations and ties at a crucial time for both countries, after the implementation of a free trade agreement (FTA) a month from now.

The FTA, seen in both capitals as an important step to complement their economies, establishes that Syrian products on the Iranian market, for example, will enjoy a gradual reduction of customs tariffs over the next five years.

Those rates will decrease 20 percent each year over the next five years up to zero, while Damascus will bring about preferential facilities to investors and goods from Iran.

Syrian Deputy Minister of Economy and Trade Khaled Sallouteh traveled to Tehran, where he signed the executive program that will encourage the enactment of FTA in a month.

After considering that bilateral ties have always favored the Syrian and Iranian peoples, Sallouteh said that the signing of the executive program will speed up procedures and will pave the way to implement the agreement, ratified by the parliaments of the two countries.


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