The Ministry of Economy and Foreign Trade in Syria exempted Iranian goods from customs duties. Athr Press’ sources in free trade zones have explained the advantages of this decision.
The exemption, a copy of which was obtained by Athr Press, includes goods stored or directly deposited in the Syrian free trade zones, as well as exemptions under the free trade agreement signed between Syria and Iran.
In a statement to Athr Press, the High Committee of Investors in Syrian Free Trade Zones said that these decisions can attract investors in the free trade zones because they offer the following advantages:
- Stimulate the work of investors in free zones and increase demand for investments in the zones, thereby enhancing the economic and development role of the investors.
- Enable investors in free zones to ship goods from Iran and store them in their facilities within the zones, allowing them to take advantage of the benefits and exemptions provided under the Syria-Iran free trade agreement when the goods enter the Syrian domestic market.
- Meet the basic requirements of Iranian investors, especially following the opening of two shopping malls in the Damascus Free Trade Zone.
- Activate the movement of trade to make free zones both strategic and real-time storage places for goods needed by Syria and neighboring countries. Investors can import and store large quantities in free trade zones. Afterward, the investor can transact with these goods, either by transporting them outside Syria or by placing them for local consumption in the Syrian domestic market, where they can meet local demand. Accordingly, the investor can ship his or her goods without waiting for import permits and financial sourcing statements.
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.