Syria, Russia free-zone; signing debts settlement agreement

Syria and Russia are to discuss tomorrow prospects of establishing a joint free-trade zone and a commerce chamber, Syrian Minister of Economy said on Friday.

"The Russian side will talk about 9 investment projects as there will be a signatory on pending debts settlement issue," Minister Amer Lotfi said referring to "technical, scientific and other subjects are scheduled on the agenda of the Syrian-Russian committee meetings.

In an interview with Syrian daily of al-Baath, the minister said that both sides will work as to open a joint chamber of commerce to be considered as a center for the Syrian trade in Moscow as well as work on enhancing the trade relations between the two countries and removing all obstacles that face them.

He pointed out that the Russian part will put into force about 9 projects suggested to be "partly or totally" financed from the Russian debts which will be opened in the Central Bank of Syria and paid by the Syrian pound. "This means that debts problem includes a part paid by local currency, a matter that will help the Syrian economy solving it" the minister said.

Regarding the trade-free zone, Lotfi pointed out that "we have suggestions, as well as the Russians, and all will be discussed in order to form a joint background to establish the zone."

The minister underlined that President Bashar al-Assad's visit to Russia at the beginning of 2005 led to great results supposed to be reflected positively on the ground, particularly when it comes to economic relations.

The Syrian-Russian joint committee is holding its meetings tomorrow headed by Minister Lotfi for the Syrian side and Russian Minister of Economy and Development Vladimir Yaekov for the Russian side.