Syria and Iran are establishing a joint bank, in a move aimed at facilitating trade between the two countries, said Alireza Peyman-Pak, director-general of the Iranian Trade Promotion Organization (TPO).
On Friday, Peyman-Pak said that Iran and Syria are working towards establishing a joint bank, referring to four agreements reached with Syria during the Iranian minister of industry’s visit to Damascus, as reported by Iran’s Fars news agency.
“We are moving towards free trade to develop commercial relations with Syria,” Peyman-Pak said. He added that the recent visit and meetings with senior officials had resulted in many gains and positive outcomes, which would pave the way for the developing further trade between the two countries.
Syria is a destination market for various Iranian products; Syria ranks 14th in Iran’s overall export markets, according to Iran’s Trade Promotion Organization (TPO).
On March 17th, Farzad Belten, the director of Arab and African affairs at Iran’s Trade Promotion Organization, said that Iran aims to increase bilateral trade volume with Syria to 1.5 billion USD in the next three years.
This development coincides with the opening of an Iranian trade center in the Damascus Free Zone a few days ago, which will be Iran’s first commercial center in Syria. The trade center aims to strengthen trade relations between Syria and Iran and facilitate commercial relations.
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.