Iran-Syria commercial relations have increased by 25% in the 5-month period between March 21 and August 22, which shows the efforts of traders from both sides are fruiting good results, Secretary of the Joint Economic Commission of Iran and Syria Mohammad Danayeefard said today, during the meeting of the Joint Economic Commission of the two countries at the headquarters of Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA).
Early in this month, Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati, in a meeting with his Syrian counterpart Hazem Karfoul in Tehran, pledged to expedite efforts for establishing a joint bank that could help the two allied countries deepen their trade and economic relations.
The report, which came out after a meeting between Hemmati and Karfoul, said the two sides had agreed to execute banking agreements reached between the two in the recent past.
“Iran-Syria economic relations have entered a new phase and recent banking deals are an important message for companies and a serious step for expansion of exchanges between trades and businesses of the two countries,” said Hemmati during the meeting.
The CBI chief also demanded the Syrian government to remove the last remaining obstacles in the way to set up the joint bank as required by a memorandum of understanding signed between the two countries.
The report said Iran and Syria had already agreed on joint mechanisms that could bolster economic exchanges between the two, including the use of local currencies in bilateral trade, injecting more credit to schemes jointly run by banks of the two and launching a system that could enable citizens of the two countries to use special payment cards during visits.
Hemmati said during the meeting that Iran was ready to further help Syria banking sector develop after years of war in the country that has affected its financial services and their relation with the rest of the world.
He said Iran would specifically provide Syria with services in banking technologies related to currency printing and electronic payment systems.
The Syrian chief banker, for his part, said during the meeting that Iran could be of great help to Syria in rebuilding its banking system after the war.
Karfoul said a Syrian delegation would arrive in Tehran soon to be briefed in detail about the potentials existing in Iran’s banking system that could be of help to Syria.
Late in August, Iran's Minister of Roads and Urban Development Mohammad Eslami and Syrian Minister of Economy Mohammad Samer Khalil in a meeting stressed the need for promoting trade exchanges between the two countries.
During the meeting, Khalil underlined the need for setting a long-term strategic agreement to increase the volume of trade exchanges which has witnessed a tangible development since 2015.
He expressed the hope that Iranian companies would implement successful projects in the country's reconstruction and set up joint companies with the Syrian counterparts.
Eslami, for his part, hailed the first conference of Syrian-Iranian Joint Chamber of Commerce, saying that it is very important to hold such conference and participate in Damascus International Fair to introduce the available investment opportunities to the Iranian side, develop relations and increase investment as well as facilitating a share in the reconstruction process.
Iranian government is interested to see the country's companies to put Syrian reconstruction high on their agenda, he said.
Participants in the first conference of Syrian-Iranian Joint Chamber of Commerce also called for working to raise the level of economic ties between Syria and Iran to highest levels and to offer all facilities to establish joint investment projects in the two countries.