Syria, UAE to establish free trade zone

The Syrian Ministry of the Economy and Foreign Trade has welcomed the proposal made by the UAE to sign an agreement providing for establishing a free zone area between the two states in the context of revitalizing the agreement to facilitate and develop trade signed among the Arab League member states and the establishment of the greater Arab free trade zone.

The UAE minister of trade and the economy has proposed to his Syrian counterpart, Muhammad al-Immadi, initiating a dialogue between Syria and the UAE with the objective of reconsidering the implementation of article (1) of the executive program of the greater free Arab trade zone approved by the Arab social and economic council in its 59th session on March 11, 1997.

According to provisions of items three and seven of the agreement to facilitate and develop trade exchange among the Arab states, any two Arab states or more of the agreement's participants can agree to exchange exemptions prior to the program's timetable.

The UAE minister stressed that such desire stems from the concept that relations between the two states, in the context of the greater free Arab trade zone, will be remarkable through rapid implementation of its provisions in the interests of the two sisterly people.

It is expected to convene a meeting, later, to an expert committee between the two states to draw a formula for the proposed agreement and organize the establishment of a free zone area in order to sign the agreement in a later meeting between the concerned ministers.