News ID: 280410
Published: 0302 GMT February 06, 2021

Tehran, Damascus to accelerate establishment of joint bank

Tehran, Damascus to accelerate establishment of joint bank

The head of the Iran-Syria Joint Chamber of Commerce, Keyvan Kashefi, held a meeting with senior officials from the Syrian ministries of finance, economy and trade in Damascus, in which the two sides stressed accelerating the process for establishing an Iran-Syria joint bank.

“In order to increase economic exchanges, it has been proposed that we establish a joint bank to support economic activities, so that businessmen on both sides can interact using the local currencies of lira and the rial,” Kashefi said in the meeting, according to

The implementation of a free trade agreement and the reduction and elimination of customs tariffs were also among the issues discussed by the two sides, he said.

Speaking at the gathering, Kashefi pointed to the above-mentioned issues as the requirements for the development of economic relations between Iran and Syria.

According to the official, promoting profitable trade and increasing economic exchanges between Iran and Syria are among the major goals of his visit to the Arab country.

Further in the meeting, Syrian economic and trade officials stressed their interest in increasing cooperation with the Islamic Republic of Iran and proposed ways to develop the two countries’ trade relations.

Iran and Syria have been taking major steps for the expansion of their mutual trade ties. The two sides have exchanged numerous trade delegations 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.

Kashefi said in 2020 that the value of Iran’s trade with Syria could reach $1 billion by the next Iranian year (to start March 21).

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


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