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Iran, Syria set to implement Free Trade Agreement

Iran, Syria set to implement Free Trade Agreement

PanARMENIAN.Net - 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.

“As of Saturday, free trade between Iran and Syria will be implemented and almost all existing trade tariffs between the two countries will be set at four percent,” IRNA quoted Ghazanfari as saying on the sidelines of the inauguration ceremony of the first exclusive exhibition of Syrian goods in Tehran.

He went on to say that, under the agreement, tariff rates are scheduled to be calculated and reduced within a five-year period, adding that the reduction has been implemented at once.

Ghazanfari added, “Syria has good potential in different industries including textiles and chemicals. On the other hand, Iran has great trade opportunities in numerous fields of industry and technology this can help the two countries promote relations.”

The Iranian official expressed hope that the agreement would increase the $400-million volume of commercial exchange between the two countries to $2 billion.

The first exclusive exhibition of Syrian goods will help to introduce the economic capacities of the Arab nation and to promote Iran-Syria trade relations.

According to Mohammed Hamoud, the Syrian official in charge of the event, all the Syrian industries have taken part in the exhibition which makes it a real opportunity for Syria to enter the Iranian market.

“More than 60 percent of the companies and producers attending the exhibition of the Syrian goods in Iran offer textile and clothing which is due to the fame of the country’s textile and clothing industries,” Hamoud said.

The five-day exhibition kicked off at Tehran’s permanent International Fairgrounds on April 28, 2012.

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