Iran-Syria free trade agreement takes effect

TEHRAN,April 29(MNA) - Iran and Syria started to implement their free trade agreement on Saturday, Iranian Industry, Mine and Trade Minister Mehdi Ghazanfari said. Speaking to reporters on the sidelines of the Syrian exclusive trade fair in Tehran, Ghazanfari added that the deal would boost bilateral trade to $2 billion from around $700 million. In December 2011, the two countries signed a free trade agreement in a bid to boost bilateral trade especially in industry, mining and agriculture. An exclusive fair will be held by Syrian companies at the Tehran Permanent International Fairgrounds for five days. Over 300 Syrian firms will showcase their latest products in the fields of textile, food, agriculture, medicine, cosmetics, and car industries in the exhibition, which will be opened on April 28. In February, Syria and Iran signed a deal to remove customs charges for all trade between the two states. The agreement was made in pursuant to Syrian President Bashar al-Assad's visit to Tehran in September 2010. In addition to the currently $500 million annual trade between Iran and Syria, the Islamic Republic annually exports $1.7 billion of its technical and engineering services to Syria. The two sides have agreed to boost their annual trade to $5 billion in near future.