Global Arab Network | Egypt & Syria- Strategic partners boosting economic ties

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Egypt & Syria- Strategic partners boosting economic ties

Global Arab Network - - Gamal Ragay

Wednesday, 09 June 2010 21:24

Syria and Egypt has signed 11 agreements, protocols, memos, documents and cooperation contract on boosting economic ties, at the conclusion of the meetings of Syrian-Egyptian Joint Trade committee in Aleppo.

The two countries signed a cooperation document on joining the World Trade Organization, two memos of understanding on cooperation in fairs and international markets, Agriculture quarantine and the minutes of the meetings.

They also signed three cooperation agreements between Egyptian Chamber of Commerce in Alexandria and Union of Syrian exporters and Aleppo Chambers of Commerce and of Industry.

Egyptian Minister of Trade and Industry Rasheed Mohamed Rasheed underlined the importance of boosting coordination and cooperation with the Syrian people as a strategic partner, especially in view of the adverse international changes brought about by the global financial crisis.

Rasheed was addressing the opening ceremony of the joint Egyptian-Syrian trade ministerial committee, currently in session in Aleppo Syria.

The committee meeting is co-chaired by Rasheed and Syrian Minister of Economy and Trade Lamia Assi.

Rasheed said the current stage needs further planning, efforts and joint action.
Assi, for her part, appreciated Egypt’s efforts aimed at helping Syria join the World Trade Organization (WTO).

She underlined the importance of boosting economic cooperation between Egypt and Syria through agreements that could merge the two countries into one integral market.

Egypt and Syria have reached an agreement on abiding by the rules of the greater Arab free area in a way that allows exchanged commodities to be exempted from custom fees in conformity with the area’s executive program.

The two sides agreed in the minutes prepared and discussed during the 2nd Egyptian-Syrian trade committee meeting held in Aleppo Monday night to have the Syrian side prepare a list of its needs to settle the dues of Damascus in the barter deal signed with Egypt in 1990 in which the Egyptian side is indebted to Syria by around $32 million.

The minutes will be signed by Egyptian Minister of Trade and Industry Rasheed Mohamed Rasheed and Syrian Minister of Economy and Trade Lamia Assi during their meetings later Tuesday.

The two sides agreed to coordinate efforts within the framework of the Arab League, particularly the Arab Economic and Social Council regarding the Arab Customs Union, liberalizing services and coordinating stances between the two countries at international forums.

The two sides agreed to hold the 3rd session of the Egyptian-Syrian ministerial committee in Cairo in October.

The two sides welcomed signing a memorandum of understanding on cooperation in the field of trade fairs and international markets and the Syrian side said that it will support the Syrian products week to be held in Cairo to promote for Syrian commodities.

They also welcomed signing a memorandum of understanding in the field of agricultural quarantine and asserted the importance of holding the 2nd session of the agricultural quarantine officers in July.

In the investment field, the Syrian side promised to study amendments presented by the Egyptian side on the draft amendments to the agreement on encouraging and protecting investments between the two countries signed in 1997.

The two sides agreed to form a joint technical committee to probe the outstanding financial dues between them and the Syrian side handed over a draft banking cooperation memorandum of understanding between the Central Bank of Syria and the Central Bank of Egypt. The Egyptian side promised to study it.

In the industrial field, the two sides agreed to hold the 1st meeting of the Egyptian-Syrian industrial cooperation committee in September to follow up aspects of industrial cooperation and exchange data and industrial expertise in the industrial modernization domain.

The two sides welcomed the Egyptian-Syrian Business Council's request to establish a Syrian-Egyptian bank.

Global Arab Network

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