(MENAFN) The Iran Trade Promotion Organization (TPO) organized a conference on Sunday focused on exploring trade prospects in Syria for Iranian business operators, according to an Iranian news agency.
The event, titled "Reconstruction of Syria," saw the participation of officials from both nations and representatives from companies on both sides.
During the conference, Abdolamir Rabihavi, the director general of TPO's West Asia Office, remarked on the evolving economic collaboration between Iran and Syria.
He highlighted that Iranian business operators now have access to a potential USD5.0 billion market in Syria, signifying a new phase in the economic partnership between the two countries.
“Syria is looking forward to the expansion of economic ties with Iran,” Rabihavi declared.
As per the official statement, the Central Bank of Iran (CBI) has reached an agreement to establish a collaborative 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 stated.
Rabihavi also mentioned that the Free Trade Agreement (FTA) between Iran and Syria is anticipated to come into effect in the upcoming Iranian calendar year, which commences on March 20. He emphasized that both nations have set a target to elevate their bilateral trade exchanges to USD500 million in the coming year.
As the leading authority overseeing Iran's foreign trade sector, the Trade Promotion Organization (TPO) has outlined comprehensive plans for the economic advancement of both Iran and Syria. These proposals have been presented to the secretariat of the joint commission of the two countries, as well as to the ambassadors and the foreign ministry, elucidated the official.
“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 pointed out.
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