Turkey and Syria sign economic accord to bolster commercial ties
The Turkish-Syrian economic partnership is experiencing a significant revival, with a strong focus on deepening trade, transportation, and industrial cooperation.
Recent developments include the signing of multiple agreements to enhance economic collaboration. Notable among these are two key trade deals, a Protocol on Establishment of the Türkiye-Syria Joint Economic and Trade Committee (JETCO), and a Memorandum of Understanding (MoU) on administrative development and governance.
A Türkiye-Syria Business Council has also been established to institutionalize cooperation and provide a platform for private sector collaboration. This council aims to address commercial relations, investment, and reconstruction projects, particularly using models like Build-Operate-Transfer (BOT) and Public-Private Partnerships.
In the realm of industrial development and technology, agreements have been signed to support joint industrial projects and exchange expertise in industrial development and modern technology, emphasizing modernization efforts in Syria’s economic infrastructure.
Discussions have also emphasized cooperation in logistics infrastructure and transportation as part of Syria’s reconstruction efforts, focusing on restoring trade routes and improving connectivity.
The Turkish-Syrian economic partnership is not just about numbers; it's about strategic economic integration. The roadmap being developed aims at promoting regional stability, development, and mutual prosperity. Cooperation covers a wide array of sectors including trade facilitation, economic reconstruction, administrative modernization, and industrial growth.
The partnership between Turkey and Syria is more than just a requirement of destiny; it is a deep-rooted relationship steeped in history. Syrian Minister Nidal Shaar stated that relations between Ankara and Damascus are inseparable due to their geographic proximity.
Shaar also noted that Syria is currently preparing for Turkish investors and hopes for the establishment of factories in Syria and the export of industrial products through Syria. Turkish Minister Omer Bolat announced the proposal of a new generation comprehensive economic partnership agreement between Turkey and Syria, with proposals to replace the free trade agreement previously signed between the two countries with a much more comprehensive economic partnership agreement.
The Türkiye-Syria Joint Economic and Trade Committee (JETCO) founding protocol was signed at the Trade Ministry, with the signing ceremony attended by Trade Minister Bolat and Syrian Economy and Industry Minister Nidal Shaar.
Modernization efforts are ongoing at border crossings to handle increased passenger and trade traffic. The Türkiye-Syria natural gas pipeline, with a daily capacity of 6 million cubic meters, has been opened, meeting the electricity needs of 5 million households.
In the future, the Türkiye-Syria Business Council will be reestablished, with the founding agreement to be signed between Turkish and Syrian business organizations at the Foreign Economic Relations Board (DEIK). Syrian Minister Nidal Shaar trusts Turkish banks to start operations in Syria in the short term, and Turkish entrepreneurs are eager to take an active role in Syria's reconstruction and development.
Shaar expressed confidence in the Turkish economy and business people, stating that Turkey has transformed into one of the world's largest economies within 20 years. The Turkish-Syrian economic partnership is rapidly reactivating with clear objectives: expanding bilateral trade, rebuilding and modernizing transportation and logistics infrastructure, and fostering industrial development through joint projects and knowledge exchange, all framed within strategic agreements and institutional mechanisms for sustainable cooperation.
- The Tuřkiye-Syria Joint Economic and Trade Committee (JETCO) has been established to deepen economic collaboration and provide a platform for private sector cooperation between Turkey and Syria.
- In addition to the JETCO, a Türkiye-Syria Business Council has been proposed to be reestablished, with the aim of addressing commercial relations, investment, and reconstruction projects.
- Syrian Minister Nidal Shaar trusts Turkish banks to start operations in Syria in the short term, demonstrating a focus on economic development and modernization efforts.
- The Turkish-Syrian economic partnership is expanding bilateral trade and fostering industrial development through joint projects and knowledge exchange, with an emphasis on modernizing transportation and logistics infrastructure and strategic agreements for sustainable cooperation.
