Syria and Iran lower tariffs per free trade agreement
Syria and Iran signed a free trade deal more than 10 years ago but are still working out the details. The two countries are not major trade partners despite being political and military allies.
The Iranian government amended the terms of its free trade agreement with Syria Sunday night.
What happened: Iran’s governmental Cabinet, headed by President Ebrahim Raisi, decided to lower the tariff on goods specified in its free trade deal with Syria from 4% to 0%. The Cabinet made the decision during a session, the official Islamic Republic News Agency reported.
The Syrian government did not appear to immediately comment.
What it means: Iran and Syria signed a free trade agreement all the way back in 2010; however, it has yet to be implemented. The agreement specified that most goods traded between the countries were to be subject to 4% tariffs, according to Tehran Times. The Iranian side has now agreed to remove the tariffs altogether.
