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Forum discusses ways to boost Iran-Syria trade ties

Yusef Jalali
Press TV, Tehran

Iran will contribute more to reconstruction efforts in Syria. That was announced during this business forum in Tehran. The event brought together Iranian and Syrian businessmen and government officials. They discussed ways to bolster trade ties between the two states. The Syrian ambassador to Tehran says his country regards Iranian firms a top priority for entering Syria's market.

The conflict in Syria began in 2011, taking a heavy toll on its infrastructure. The United Nations estimates the cost of the country’s reconstruction at 250 billion dollars. Currently, Iran is active in a range of economic sectors in Syria, from transport to energy and engineering.

Syria is one of Iran's strategic regional allies. However, despite their high level of political ties, both sides agree that bilateral trade between Tehran and Damascus is too low, and that there's a need to keep the balance between their political and economic partnership.

The total trade volume between Iran and Syria was around 80 million US dollars in the last six months. Before the war began in Syria, the figure stood at over one and a half billion dollars. This means that the conflict has been a hurdle in the way of trade ties between the two allies. But, it’s not the only problem. The existing US sanctions against Iran’s banking sector is blamed too. 

Last year, Iran and Syria launched their first joint chamber of commerce. Iran has also opened a trade center in Damascus to facilitate the activities of its firms in Syria. Officials believe with all obstacles removed, the total annual trade between Tehran and Damascus would increase by 25-fold to hit at least 2 billion dollars.


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