Iranian administration enacts free trade agreement with Syria

Business Materials 25 January 2012 16:40 (UTC +04:00)

Azerbaijan, Baku, Jan. 25 / Trend F.Milad/

Iranian President Mahmoud Ahmadinejad has enacted a bill which had been ratified by the parliament for free trade with Syria, the Islamic Republic of Iran Broadcasting reported.

On December 18, 2011, Iran and Syria signed a free trade agreement in a bid to boost bilateral trade especially in industry, mining and agriculture.

The deal was signed after the Iranian parliament passed a bill which provided for free trade between the two countries within the next five years.

Speaking to the Mehr News Agency, the deputy economy minister Hamid Safdel said that the deal would pave the way for the two sides to increase annual trade to $5 billion.

Currently, engineering services is Iran's main exports to Syria, which amounted to $2.2 billion in the last Iranian calendar year which ended on March 20, 2011, Safdel said,.

The two countries' trade value (excluding technical and engineering services exports) stood at $336 million last year, the IRNA news agency reported.

Iranian firms are currently carrying out different construction projects in Syria such as cement factory, hydroelectric power plants, glass factory, and silos.