Azerbaijan, Baku, May 2 / Trend, A.Taghiyeva /
Lebanon intends to create a free trade zone with Iran to enhance trade relations between the two countries, Lebanon's economy minister Nicolas Nahas said during a meeting with Iranian Transport and Urban Development Minister Ali Nikzad, who is on an official visit to Beirut, the Lebanese An-Nahar newspaper reported on Wednesday.
Nahas said customs duties will be cancelled and non-customs restrictions will be liberalised within this project.
He added that in turn Iran is ready to provide assistance to Lebanon in the construction of power plants and urged the Lebanese side to intensify efforts to enhance cooperation in the sphere of banking. Nikzad also said that an exhibition of Iranian products will be opening in Lebanon soon.
Earlier, Iran and Syria signed a free trade agreement reducing the maximum rate of customs duty that applied in foreign transactions between the countries, from 80 to four per cent.