Syria endorses free trade zone accord with Turkey

Syria's President Bashar al-Assad issued a decree for ratification of the free trade zone agreement with Turkey, Syrian daily al-Thwara said on Friday. The President issued decree number 37 to endorse the agreement of free trade zone with Turkey which was signed between the two governments.

In a special statement to al-Thawra today, Deputy Minister of Economy Ghassan Habash depicted the endorsement of the agreement to build a free trade zone with Turkey as "qualitative move," on the level of developing ties with Turkey.

He added the decree means ending procedures from the Syrian side related to ratification and waiting the Turkish side to do the same.

"Application of the agreement will be an encouraging factor for the Syrian industry because it will put Syria in direct contact with competitiveness in addition to encouraging the Turkish side to make investments in Syria through which he can enter his products to Arab countries or export them to Turkey with no tariffs," Habsah said.

He expected some problems on the level of trade balance but Habash clarified it will soon be compensated by investments.

Member of the people's assembly Bahaouldin al-Hasan said it was a very big practical move to ratify the accord with Turkey in this respect of increasing economic cooperation with Turkey.

" It is to express appreciation of the president and the Syrian government to building strong economic ties with Turkey that match political relations," He said.