Turkey and Syria have reached consensus on 10 new agreements with a target of $5 billion in trade.
The agreements were reached at the Turkey-Syria Roundtable Meeting held in Ankara under the auspices of the Union of Chambers and Commodity Exchanges of Turkey (TOBB).
Turkey and Syria also signed the founding protocol of the Joint Economic and Trade Committee (JETCO), replacing the defunct 2004 Free Trade Agreement with a broader economic partnership.
With the establishment of JETCO, an institutional mechanism has been put in place to evaluate all aspects of economic and trade relations between the two countries. In addition, the Turkey-Syria Business Council will be reactivated within the Foreign Economic Relations Board.
Turkish Trade Minister Ömer Bolat emphasised that they are ready to begin negotiations on establishing a Comprehensive Economic Partnership Agreement between the two countries.
Bolat stated that they discussed activities in the field of transportation and customs regime, adding that Turkish trucks will no longer have to carry out transhipment or change trailers at the Syrian border, and that Aleppo will become a strong logistics hub in the coming period.
The Syrian Economy and Industry Minister Nidal Sha'ar said that they have faith in the Turkish economy and the expertise of Turkish entrepreneurs, especially when it comes to investing.
In addition, TOBB President Rifat Hisarcıklıoğlu stated that new border gates will be required given the potential for increased trade between the two nations.
