Damascus mulls return to WTO
The Syrian Ministry of Commerce recently announced that Damascus is debating retuning to the World Trade Organization (WTO).
Syria, one of the original 23 countries to establish the groundwork of the international organization, is presently not a member of the WTO. It left the group in 1951 following the granting of membership to its neighbor, Israel, according to Al-Hayat daily.
Today, import duties are generally high in Syria, while goods from the Arab Economic Union are subject to preferential rates. Restrictions on imports to the country include a ban on any raw material manufactured in Israel.
Syria has been tackling the question of whether or not to return to the WTO for a number of years. Authorities fear that the nation may not be able to withstand local, regional and international challenges associated with reentry into the organization. — (MENA Report)
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