Under the FTA, the two countries were allowed to exchange goods by paying only four percent of the trade tariff (duties).
Several countries have offered to create free-trade zones with the Eurasian Economic Union including Zimbabwe, Jordan, Syria, Mongolia and Albania.
Iran’s Minister of Industry, Mine and Commerce Mehdi Ghazanfari says the Free Trade Agreement (FTA) between the Islamic Republic and Syria is set to be implemented, according to Press TV.
Iran and Syria have signed a free trade agreement in a bid to boost bilateral trade especially in industry, mining and agriculture, the deputy industry, mine and trade minister stated on Sunday.
Turkey’s Economy Ministry has drafted a decree on suspension of free trade agreement with Syria amid ongoing bilateral diplomatic friction, Turkish semi-official Anatolia news agency reported Friday.
The Lebanese Parliament ratified an agreement between Lebanon and Syria that aims to promote private investments between the two signatory nations in each other’s territory, as reported by Lebanon This Week, the economic publication of the Byblos Bank Group.
The EU must reassess its bilateral relations with Syria in light of the violent repression of demonstrators, while talks on a future Association Agreement must be suspended, according to a resolution passed by the European Parliament today.
"Before the Gaza crisis, Miliband had been inclined to support the Agreement, Saoul said, on the grounds that the Syria Arab Republic Government (SARG) had generally exhibited good behavior internationally (despite lack of progress on key issues such exchanging ambassadors with Lebanon), and that Syrian FM Muallem needed a deliverable to strengthen him with President Assad."
Stefan Fule, the European Commissioner for Enlargement and European Neighbourhood Policy, said in Damascus on Tuesday it is time for the long-dormant EU-Syria association agreement to be signed.
Syria will sign the Framework Agreement on establishing Free Trade Zone with the Mercosur Bloc during the Mercosur summit to be held later this week in the Brazilian city of Foz de Iguazu with the participation of a Syrian delegation headed by Minister of Economy and Trade Lamia Assi.
A senior Iranian trade official announced that Iran and Syria have prioritized setting up a joint bank in a bid to boost their bilateral trade ties.
Iran is in talks with Syria to sign a free trade agreement (FTA) after Damascus and Ankara reached a similar deal, says the Iranian commerce minister.
Syria, Lebanon, Turkey and Jordan announced the establishment of an economic council to follow up on creating a free trade zone among these countries.
Turkey will join an economic bloc comprising of the Middle Eastern states such as Syria, Lebanon and Jordan ahead of the protracted accession to the EU.
Syrian President Assad has expressed his interest in joining the Free Trade Zone within the Customs Union of Belarus, Russia and Kazakhstan.
Turkey has embarked on the road to a “Middle Eastern Union” as an alternative to the European Union, according to some observers, after Ankara unveiled its vision for a giant free-trade zone spanning from the Bosphorus to Sudan and Morocco.
Turkey aims to create a free trade zone without visa restrictions with Syria, Lebanon and Jordan, Foreign Minister Ahmet Davutoğlu told the Turkish-Arab Cooperation Forum (TAC), which began in İstanbul on Thursday.
Turkey, Lebanon, Jordan and Syria agreed yesterday to set up a free trade zone based on “existing bilateral agreements and practices on free trade and visa exemption” between the parties, adding that Turkey and Lebanon were required to complete a bilateral arrangement before the four-way process could go ahead.
Turkey’s prime minister has urged Arab nations to unite and step-up efforts to end Israel’s blockade on the Gaza Strip.
Syria said on Tuesday it will soon restart talks with the European Union on a stalled partnership agreement, but that its timing will depend on the flexibility shown to Damascus over certain points.