Retail & Trade
Syria and Turkey are moving ever closer towards the setting up of a Free Trade Area between them.
According to preliminary figures recently released by Syria's General Customs Directorate and reported in Teshreen daily, Syria's export sales witnessed a significant decline in 2003 to SYP 247.804 billion (USD 4.76 billion) from SYP 316 billion (USD 6...
In an interview with The Daily Star, a Lebanese daily, Ghassan al-Rifai, Minister of Economy and Trade, said that he expected bilateral trade with Iraq to exceed USD 1 billion in 2004.
A number of new duty free markets (DFMs) are expected to be set up on Syria's borders, according to a story from Zone News an Arabic news portal, after licenses in that sense have been provided to unnamed Syrian private investors.
Syrian exporters continue to fare badly in export markets. The issue has become more pressing following the gradual opening of the domestic market to foreign competition.
Syria's foreign trade recorded a positive balance of SYP 28.82 billion (USD 554 million) in the first nine months of 2003.
Syria has recorded a USD 620 million positive trade balance in the first half of the year, according to Teshreen, the state-owned daily.
The Ministry of Economy and Foreign Trade (now the Ministry of Trade) has lifted its ban on the import of artificial flowers.
The latest measure on foreign exchange is meant to simplify operations for exporters, reduce fake export operations and strengthen the national currency.
Syria’s economic and business relationship with Turkey has grown in importance after the closure of the Iraqi market to Syrian businessmen.
Syria's accession bid to the World Trade Organisation was boosted by the declaration of the third Euro-Mediterranean Trade Ministerial Conference, which took place in Palermo, Italy on 7th July 2003.
In spite of an official desire, in both Damascus and Beirut, of a strengthening of the economic relations between the two countries, the official level of bilateral trade continues to remain extremely modest and even witnessed a sharp fall last year.
Syria and Yemen have ratified an agreement signed between them to encourage direct investments between them.
Following the meeting of the Syrian-Greek Joint Ministerial Committee (JMC), held in Damascus on February 22 and 23, bilateral economic relations between these two politically close countries are expected to receive a boost.
An important British business delegation held a round-table meeting with a number of Syrian businessmen in Damascus on February 17, the second such encounter after a first meeting held last July.
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