Iran, Syria Stress Facilitating Barter Trade to Boost Economic Ties

Iranian Minister of Roads and Urban Development Mohammad Eslami met with Syria’s Internal Trade and Consumer Protection Minister Talal al-Barazi to discuss ways for expanding trade ties between the two countries. The meeting focused on facilitating barter trade between the two countries, supply of goods and products required by the two countries within the framework of the free trade agreement between the two sides, and using the capacities of the two countries' private sectors to develop trade cooperation.

As reported by the portal of the Iranian Ministry, Eslami, who is the head of the two countries’ Joint Economic Committee, arrived in Damascus on Wednesday for a four-day visit during which he was scheduled to hold talks with senior Syrian officials including Syrian Prime Minister Hussein Arnous. Upon arrival, Eslami was welcomed by the Syrian Minister of Economy and Foreign Trade Mohammad Samer al-Khalil. “Iran and Syria have put the development of bilateral cooperation on their agenda, especially in the field of construction and development projects,” Eslami said in Damascus.

Iran and Syria have been taking major steps for the expansion of their mutual trade ties. The two sides have exchanged numerous trade delegations in the past two years and Iranian private companies are investing in various fields of the Syrian economy like providing construction materials especially cement and working on several reconstruction projects. Syria has repeatedly stressed that Iranian companies are the country’s top priority for implementing reconstruction projects.

In related remarks,, Secretary of Syria Affairs of Arab and African Office of Trade Promotion Organization of Iran (TPO) said that Iran’s export of products to Syria in first two months of current year (from March to May) registered a 73% growth. Soheila Rasoulinejad broke the news on Sat. and reiterated that Islamic Republic of Iran’s export of non-oil products to the Arab Republic of Syria in the first two months of the current year (from March 21 to May 21) showed a 73% hike as compared to the same period of last year. She put Iran’s export value of products to Syria in the first two months of the current year at US$49 million. Accordingly, Syria was placed at 14th rank as Iran’s most important expert target markets, Rasoulinejad continued. Islamic Republic of Iran exported steam turbine parts and components, valued at US$30 million, to the Arab Republic of Syria in this period, accounting for 60% of Iran’s total export share to this Arab country, followed by electrical conductor, ferrous or steel rebar, infant formula, etc. She put the volume of products imported into the country from Syria in the first two months of the current year at only US$2 million. - Mehr, Tehran Times