Iran-Syria Joint Chamber of Commerce:
ICB approves establishing Iran-Syria joint bank
The Central Bank of Iran has approved the establishment of a joint bank with Syria, said the vice president of the Iran-Syria Joint Chamber of Commerce on Sunday.
Announcing this during a conference introducing opportunities to access the Syrian market, Ali Asghar Zebardast emphasized that agreements between Iran and Syria are made by the governments, and executed by the private sector, IRNA reported.
By outlining the obstacles to enhancing trade between the two countries, he pointed out that the primary challenge lies in financial transactions.
The official said that the Central Bank of Iran has approved the establishment of a joint bank, adding, “Syria’s bank should cooperate more in this regard, and we hope that the necessary instructions are given by the authorities”.
Meanwhile, the head of the West Asia Office of the International Trade Centre said the establishment of the joint bank is currently going through its initial stages, following the joint committee meeting held two months ago. Expert work will be carried out in the coming months and information will be provided, Abdolamir Reyhavi said, according to ISNA.
He expressed hope that the joint bank will start its work next Iranian year, which begins on March 20.
According to the official, Iran’s trade volume with Syria is very low; to the extent that the trade between the two countries was equivalent to $245 million in the past Iranian year.
He said that the country’s target for next year is to export at least $500 million to Syria.
In the first 10 months of this year (began on March 21, 2023), the trade exchanges between the two countries included $120 million in Iranian exports, and $34 million in imports. However, this trade volume is not satisfactory for Iran, Reyhavi said.
Referring to the Free Trade Agreement signed in 2012, he said that the agreement will pave the way for the development of trade between the two countries, adding that the establishment of a joint bank in Syria is one of the facilities that will be available to traders.