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Iran, Syria to set up joint bank to facilitate bilateral trade ties

Fars News Agency, Iran

Iran, Syria to Set up Joint Bank to Facilitate Bilateral Trade Ties

29 November 2010

TEHRAN (FNA)- 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.

Addressing a meeting of Iran-Syria joint trade committee in Iran’s Southwestern city of Ahvaz’s Chamber of Commerce, Industries and Mines on Sunday evening, Head of Iran-Syria Trade Delegation Seyed Hassan Javad said that preparatory steps have been taken to set up a joint bank and that the bank would soon start registering investment bills.

Javad further pointed to seven memoranda of understandings (MoUs) signed and exchanged between the two countries’ joint committee, and called on Iranian capital-holders to invest in different projects in Syria, including construction of cheese and food stuff production factories and power plants.

He announced that all the Iranian investors who establish a plant in Syria’s industrial zones will receive an Arab certificate which would exempt their exports to the other Arab states from customs duties.

Javad further said that the free trade agreements exchanged between the Iranian and Syrian presidents would pave the way for an increase in trade exchanges and joint trade and economic projects by the two countries.

Iran and Syria have forged an alliance ever since the victory of the Islamic Revolution in Iran and the two countries’ officials exchange visits on a regular basis.

The two countries enjoy strategic relations in a wide variety of areas, but their defensive pacts are amongst the most important areas of Tehran-Damascus cooperation which have caused deep worries in the US and Israel.

In October, Supreme Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei in a meeting with Syrian President Bashar al-Assad in Tehran underlined the necessity for the further bolstering of the good cooperation between Tehran and Damascus.

"The process of good cooperation between the two countries should continue at a higher speed than before," Ayatollah Khamenei said.