Iran and Syria have agreed to set up a joint bank and free trade zones amid efforts to boost their economic cooperation, according to Iranian Minister of Road and Urban Development Rostam Qasemi who traveled to Damascus earlier this week.
Qassemi said on Thursday that Iran and Syria are set to considerably expand their economic and trade ties now that the Arab country is emerging from nearly a decade of war and terrorism.
He said he had discussed the establishment of joint free trade zones with Syrian authorities during his trip to Damascus.
The minister said that the Iranian government’s top official on free trade zones will soon travel to Syria to sign final agreements on the issue.
Iran has been a major contributor to Syria’s war on terrorism since violence erupted in the country in 2011. Tehran has vowed it will continue to assist Damascus in its reconstruction efforts after the war.
Qassemi said that he had also reached agreements with Syrian authorities on setting up a joint Iranian-Syrian bank.
“It was agreed that the joint bank will be created in Syria. In line with this, it is expected that Iranian and Syrian banks should set up branches in each other’s countries,” he said.
A file photo shows Keyvan Kashefi, head of the Iran-Syria Joint Chamber of Commerce (L), attending a meeting with Syrian officials in Damascus.
In a visit to Damascus early in February 2021, the head of the Iran-Syria Joint Chamber of Commerce has called for accelerating the establishment of a joint bank with Syria to boost bilateral trade.