Lebanon, Syria sign unprecedented trade agreement

Lebanon and Syria on Saturday signed an unprecedented trade agreement to scrap customs duties on national products, in what Syrian officials said they hoped would be the first step towards a common Arab market.

Prime Minister Rafik Hariri led a large delegation of Lebanese officials to the Syrian capital, Damascus, where the agreement was signed. According to the agreement, customs duties on products from both sides would be reduced by 25 percent a year, starting as of next year.

Hariri said the deal was beneficial for both countries.

Hariri said: "We also agreed on exchanging industrial and agricultural products without any obstacles, as well as decreasing custom fees with the aim of canceling them in the coming few years."