logo logo

Establishing free trade zone

Day Press News, Syria

Establishing free trade zone

By R. al-Jazaeri | DP-News-Zawya

14 December 2010

Damascus - 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.

Signing the Agreement comes after discussing it through around of negotiations held last September in Damascus between the Syrian Ministry of Economy and a delegation of the Mercosur during Brazil’s temporary presidency of the Bloc.

During the talks, the two sides underlined the importance of establishing a free trade zone between Syria and the Mercosur countries, provided that the two sides should start negotiations on preparing a trade agreement to establish the zone after initialing the Framework Agreement.

The Mercosur Bloc was established in 1991 as it includes Brazil, Argentina, Uruguay, Paraguay and Venezuela. Several countries have joined the bloc as partners with the aim of reaching a joint market such as Chile, Bolivia, Peru, Ecuador and Colombia.