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Majlis to Decide on FTA with Syria

Service : Economy
TEHRAN, June 18 (ICANA) – Iranian President Mahmoud Ahmadinejad has presented Iran's Parliament (Majlis) with a bill regarding free trade between the Islamic Republic and Syria.
Saturday, June 18, 2011 8:37:19 PM
Majlis to Decide on FTA with Syria

The bill is aimed at facilitating economic relations and expanding trade ties with Syria which was approved in the Cabinet upon the suggestion of Iran's Commerce Ministry.

The bill was presented to Majlis “given the importance of expanding trade relations in the economic development of countries and considering the fruitfulness of establishing the legal grounds for commercial activities of Iranian and Syrian citizens,” its introduction reads.

The legislation is also a bid to improve bilateral cooperation and strengthen ties between Iran and Syria.

In May Iran, Iraq and Syria agreed on the construction of a pipeline to transfer natural gas from Iran to Europe.

Under the deal, natural gas produced in Iran's South Pars oil and gas field will be pumped through Iran, Iraq and Syria to Lebanon and the Mediterranean Sea before reaching Europe.

In March Iranian Commerce Minister Mehdi Ghazanfari and Syrian Minister of Economy and Trade Lamia Assi also signed a Memorandum of Understanding on behalf of Iran's Trade Development Organization and Syria's Export Development Organization.

Bilateral trade between the two countries is currently valued at USD 3 billion and is expected to hit USD 5 billion in the near future.

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