Iran-Syria trade seen to reach $1b by March 2021

Tehran Times – Head of Iran-Syria Joint Chamber of Commerce Keyvan Kashefi believes that the value of Iran’s trade with Syria will reach $1 billion by the next Iranian calendar year 1400 (starts on March 21, 2021).

“Considering the plans we have on the agenda for expanding trade with Syria, the value of Iran’s trade with the country is expected to reach $1 billion by the next year,” the portal of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) quoted Kashefi as saying.

According to Kashefi, the two countries’ private sectors have been carrying out trade activates in the form of a joint economic committee in the last 1.5 years, however, following the increase in the activities, Iran-Syria Joint Chamber of Commerce has been established and this is a big step for further expansion of trade ties between the two countries.

The official noted that the purpose of the joint chamber is to increase the number of economic engagements between the two nations.

“Syria is one of our main trade markets and export destinations, especially in the future, and we have common interests with this country in various fields, which can support our economic relations,” Kashefi said.

Syria is also very interested in boosting economic relations with Iran, and the two sides could take advantage of this opportunity, according to the official.

He further mentioned some of the joint chamber’s plans for increasing trade between the two countries including holding an exhibition of Iran’s capabilities in Syria in near future, increasing the exchange of trade delegations, and the establishment of an Iranian trade center in Syria.

Kashefi also called for the launch of a credit line with Syria to facilitate financial transactions, and noted that necessary measures are being taken in this regard.

“We also need the cooperation of the two sides’ central banks for this purpose”, he added.

Iran and Syria have been taking major steps for expansion of their mutual trade ties. The two sides have exchanged numerous trade delegations and Iranian private companies are investing in various fields of Syrian economy like providing construction materials especially cement and working on several reconstruction projects.