The Secretary of the Syrian-Iranian Chamber of Commerce, Musan Nahas, disclosed to Athr Press the upcoming establishment of a Syrian-Iranian joint insurance company. Currently, in the process of formation, the company is poised to commence operations upon the completion of the necessary paperwork.
Regarding the Syrian-Iranian Joint Bank, Nahas reported that it is still in the establishment stage and anticipates commencing operations in the near future.
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Highlighting the advancements in Syrian-Iranian trade relations in recent times, particularly following high-level reciprocal visits between the two countries, Nahas revealed a noteworthy development known as “zero customs.” This signifies the elimination of customs duties between Syria and Iran, effective since the beginning of January, approximately 13 days ago.
Nahas expressed optimism that, owing to collaborative efforts and streamlined procedures by both parties, the volume of trade between the two nations is expected to surge in the coming year. This positive outlook is reinforced by the activation of maritime transport through the Bandar Abbas line, along with plans to revive land freight between Syria and Iran through Iraq in the near future.
In local currency
Nahas reported that an agreement has been reached for the settlement of goods’ values between Syria and Iran in each country’s local currency. This arrangement will be overseen in an organized and controlled manner by the Syrian-Iranian Joint Central, aiming to enhance and streamline trade exchanges.
Highlighting key imports from Iran, Nahas mentioned significant commodities such as petrochemicals, infant formula, and medicines. Additionally, there is potential for the introduction of Iranian technology in laboratories and other sectors.
The Governor of the Central Bank of Iran, Mohammad Reza Farzin, has announced the imminent opening of an Iranian bank in Syria, as reported by the Iranian news agency Tasnim.
Simultaneously, the Central Bank of Syria has confirmed an agreement to facilitate trade and financial operations by exchanging local currencies between the two countries. This initiative aims to eliminate reliance on the euro and dollar in transactions. Furthermore, joint coordination is underway to link the electronic payment systems of both countries. This will enable payment cards issued by either country to be utilized on devices in both nations, facilitating seamless trade and tourism operations between Syria and Iran throughout 2023.
This article was translated and edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.
