Syria15 July, 20263 min read
Syria and Lebanon Expand Trade Mechanisms, Investment Initiatives in Damascus Talks
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Syria and Lebanon agreed to expand economic and trade cooperation. Barriers to business would be removed and institutional links strengthened.
Trade reset in Damascus
Syria and Lebanon moved to revive economic cooperation through new trade mechanisms, investment initiatives and institutional partnerships, with officials holding talks in Damascus aimed at expanding commercial links and improving the flow of goods. Syrian Economy and Industry Minister Nidal al-Shaar said the meeting with Lebanese Economy and Trade Minister Amer Bisat marked a step towards building a more structured economic relationship based on shared interests, and he said the two sides were seeking to strengthen coordination between economic institutions and improve data-sharing. The talks also included formalising cooperation between business communities, with officials saying memorandums of understanding between Syrian and Lebanese chambers of commerce and industry were being prepared to create a framework for expanded investment and commercial activity.
In parallel, Middle East Online reported that during talks in Damascus between al-Shaar and Bisat, the commitments included pledging to remove barriers to business, strengthen institutional links and encourage investment as the two neighbours sought to rebuild relations after years of political and economic strain. The same Middle East Online account said the discussions laid groundwork for practical cooperation across several sectors, including mechanisms for exchanging economic information and creating specialised centres for data collection, analysis and performance monitoring.
Committees, agreements, and barriers
A Syrian-Lebanese roundtable in Damascus on Wednesday discussed redefining economic relations on practical grounds and addressing obstacles to trade and investment opportunities in the phase of rebuilding Syria, with Syrian Minister of Economy and Industry Mohammed Nidal Al-Shaar and Lebanese Minister of Economy and Trade Amer Al-Bassat in attendance. The Syrian News Agency (SANA) quoted Al-Shaar as saying cooperation with the Lebanese side includes developing information-sharing mechanisms and building specialized centers to collect data, analyze it, and measure indicators to support decision making and raise the efficiency of work. Al-Bassat revealed that the discussions addressed formulating practical foundations for economic cooperation in all its fields, and he said there are about 42 agreements and memoranda of cooperation between the two countries that need to be reviewed and studied.
Al-Bassat also announced the formation of a committee that will begin next week to address thorny issues hindering trade related to customs, delays at crossings, transit, and charges. The roundtable reporting added that the acting head of the Syrian embassy in Lebanon, Iyad Al-Hazzaa, said his country is moving toward a reconstruction phase by reinforcing internal and regional stability, and that stability is the essential pillar for attracting investments and launching development projects.
Higher joint committee and stakes
The push for closer economic cooperation followed the creation of the Syrian-Lebanese Higher Committee, agreed earlier this month during talks in Beirut between Lebanese Prime Minister Nawaf Salam and Syrian Foreign Minister Asaad Hassan al-Shaibani, with the committee intended to provide a high-level framework for coordinating cooperation across economic and political fields.
Al-Jazeera Net reported that Lebanese Prime Minister Nawaf Salam and Syrian Foreign Minister and Expatriates Asaad Al-Shaybani signed to establish the Lebanese-Syrian High Joint Committee on July 2, and Salam said Lebanon aims to strengthen cooperation with Syria in several areas including electrical interconnection and transport.
The Al-Jazeera Net account also said the Syrian side presented a briefing on investment opportunities within a favorable environment, including Decree No. 114, according to the head of the Syrian Investment Authority Talal Al-Hilali.
In addition, the reporting tied the economic reset to reconstruction costs, citing World Bank estimates that put reconstruction costs at between 141 and 343 billion dollars, and it said the establishment of the Higher Joint Committee opened the door for Lebanese companies to participate in Syria's reconstruction projects.
SANA’s broader framing of Syria-Lebanon ties also described the effort as part of a wider diplomatic and economic reset, while the Arab Weekly said the renewed economic dialogue comes amid broader efforts by Damascus and Beirut to rebuild official ties after years of disputes and disruption.