Free Trade Deal With Turkey

February 2005 | Economic Analysis

Syria and Turkey confirmed their improving ties by signing a new free trade agreement in December, during the visit of Turkish prime minister, Tayyip Erdogan, to Damascus. The deal is a significant step for the Syrian economy, in the light of Turkey's position as Syria's fifth most important trading partner, after Italy, Germany, China, and France. According to IMF figures for Q204, Syrian exports to Turkey were worth US$126.41mn and Syrian imports from Turkey totalled US$79.73mn. The government is expecting these figures to double following the creation of the proposed free trade zone. The agreement also makes provision for a

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