Syria ratifies free trade zone with Saudi Arabia
Syrian President Bashar Al-Assad recently issued a legislative decree ratifying the establishment of a free trade zone between Syria and Saudi Arabia. The zone is expected to enhance bilateral trade by providing mutual exemption from customs and other fees on all merchandise, reported KSA Today.
Further bilateral agreements recently signed between the two countries, relate to facilitating overland transport of passengers and goods and the establishment of cultural and information programs.
Saudi-Syrian trade currently amounts to approximately $270 million annually. Syrian exports to Saudi Arabia, which include food products ― mainly fruits and vegetables, are valued at $190 million yearly. Saudi Arabian exports to Syria mainly consist of oil-derived goods, such as industrial lubricants, and amount to $80 million per annum.
Bilateral trade has been rapidly growing over recent years, with trade volume tripling between 1994 and 1999. ― (MENA Report)
© 2001 Mena Report (www.menareport.com)