Türkiye and Syria have taken a significant step towards enhancing their economic partnership with the signing of the 1st Term Protocol during the Joint Economic and Trade Committee (JETCO) meeting in Istanbul. The agreement aims to deepen economic integration and foster regional development between the neighbouring countries.
Strategic Cooperation for Sustainable Growth
During the meeting, Minister of Trade Ömer Bolat and his Syrian counterpart, Minister of Economy and Industry Nidal Shaar, discussed a wide range of topics including boosting bilateral trade and establishing mechanisms to advance cooperation. Minister Bolat underlined that the protocol is more than a technical document; it is a comprehensive roadmap for regional development and reconstruction. Both parties reaffirmed their commitment to increasing bilateral trade from $3.7 billion in 2023 to $5 billion and eventually $10 billion.
Sectoral Focus and Business Forums
The protocol paves the way for deeper collaboration in strategic sectors such as textiles, agriculture, food, and machinery. Both countries agreed to share regulatory frameworks to enhance predictability in agricultural trade. Additionally, the upcoming Türkiye-Syria Business and Investment Forum is set to bring together leading companies and investors from both nations.
Customs Cooperation and Regional Logistics
Emphasizing the importance of efficient customs operations, Minister Bolat highlighted that fully operational border gates are crucial for the stability of regional supply chains, especially amid current regional conflicts. Türkiye and Syria, along with Jordan, Saudi Arabia, and Iraq, are committed to ensuring smooth transit corridors for uninterrupted trade across the Middle East.
A new agreement establishes a Joint Customs Committee, aiming to streamline border procedures, reduce transfer requirements, and develop direct delivery mechanisms. This initiative is expected to enhance the efficiency of customs processes and support regional logistics.
Reconstruction and Investment Opportunities
Minister Bolat noted that the reconstruction of Syria remains a top priority for Turkish businesses. Turkish contractors, with their global experience, are expected to play a significant role in housing, infrastructure, energy, and transportation projects within Syria. Efforts are also underway to improve the investment climate and simplify administrative procedures for cross-border projects.
The protocol also includes plans for cooperation in energy, mining, education, and healthcare. Key initiatives include joint projects for rebuilding electricity networks, investing in renewable energy, and developing mineral resources critical for fertilizer production.
Financial Integration and Next Steps
Both countries support Syria’s re-integration into the global financial system and are accelerating cooperation between their central banks. The presence of Turkish banks in Syria is expected to further strengthen investment and trade relations. The next JETCO meeting is planned for Damascus, marking another milestone in institutionalizing bilateral economic ties.
Commitment to Quality Economic Cooperation
Syrian Minister Nidal Shaar emphasized the quality and depth of the renewed cooperation, highlighting ongoing projects such as the planned industrial zone in Aleppo. He stated that both countries are dedicated to leveraging economic opportunities for mutual benefit.
As part of the JETCO meeting, additional cooperation agreements were signed in areas such as product safety, technical regulations, standardization, conformity, and metrology.
Fotoğraf Galerisi
