Shafaq News..Iraq, Syria explore ways to expand bilateral trade

Shafaq News- Damascus

Iraq and Syria discussed ways to expand trade and economic
ties during a meeting in Damascus on Wednesday between Iraqi Federation of
Chambers of Commerce President Amer Khalaf Alawi and Syrian Deputy Minister of
Economy and Industry for Internal Trade Maher Khalil al-Hassan, according to
Syria’s Ministry of Economy statement.

Several memorandums of understanding are expected to be
signed in the coming period as part of efforts to strengthen the economic and
trade partnership and open new avenues for bilateral commerce, the statement
added.

Both sides reviewed bilateral trade, including ways to
increase the flow of goods and products between the two countries, “while
addressing obstacles facing cross-border commerce and discussing practical
measures to ease procedures and facilitate the movement of goods.”

The two officials also discussed greater coordination
between business communities and chambers of commerce in Iraq and Syria, with a
focus on expanding trade, stimulating markets, and creating broader
opportunities for Syrian and Iraqi businesses and investors.

The meeting also underscored the need to remove trade
barriers and create a more flexible environment for economic activity to
promote greater integration and a stronger commercial partnership between the
two countries.

On August 13, Khaled al-Khader, director general of the
Syrian Authority for Supporting and Developing Local Production and Exports,
told Shafaq that Syria is shifting from raw-material exports to higher-value
products, with Iraq among its main markets alongside Jordan and the Gulf.

On May 1, Iraq launched its first crude oil export operation through the Rabia–Al-Yarubiyah crossing,
dispatching an initial shipment of 70 tanker trucks to regional markets. crossing
between Iraq and Syria reopened to trade and passenger traffic on April 22
after 13 years of closure driven by security challenges during the fight
against ISIS, as well as shifting control and coordination issues along the
frontier.