Iranian President delegated the authorities concerned to put the law on free trade between Syria and Iran in place, whereby a free trade zone between the two countries is set up for five extendable years

Iranian President Mahmoud Ahmadinejad delegated on Wednesday the authorities concerned to put the law on free trade between Syria and Iran in place, whereby a free trade zone between the two countries is set up for five extendable years, Syrian news agency SANA reported.

The Iranian News Agency (IRNA) said that the law on free trade between Iran and Syria was ratified by the Iranian Shura Council and the Guardian Council.

On December 18, 2011, Iran and Syria signed a free trade agreement in a bid to boost bilateral trade especially in industry, mining and agriculture.
 
Speaking to the Mehr News Agency, the deputy economy minister Hamid Safdel said that the deal would pave the way for the two sides to increase annual trade to $5 billion.
 
Currently, engineering services is Iran’s main exports to Syria, which amounted to $2.2 billion in the last Iranian calendar year which ended on March 20, 2011, Safdel said,
 
The two countries’ trade value (excluding technical and engineering services exports) stood at $336 million last year, the IRNA news agency reported.