Iran pledges support for Syria

The state news agency SANA quoted the visiting Iranian minister for urban development and roads, Ali Nikzad, as saying his country would stand by Syria "and support its economy and its stances facing the great conspiracy targeting it".     

SANA said Nikzad's visit to Damascus followed the endorsement by Iran's parliament on Tuesday of a free trade agreement between the two countries.        

Activities of the 9th regular session of the Syrian-Iranian Follow-up Committee for Economic Cooperation were concluded on Wednesday with the signing of the meetings' minutes.      

The meetings resulted in agreements in several fields including transport, tourism, housing, promotion of products and holding expos, in addition to providing preferential benefits valued at USD 2 billion to Syrian goods exported to Iran. The agreement covers 68 types of goods that will receive a customs reduction of 60%.       

 Iranian economic support could be crucial for Syria as it faces sanctions from the United States, European Union, neighboring Turkey and the Arab League. Syria's economy has already suffered a collapse in tourism and oil revenues, falling trade, a weakening currency and a halt in foreign investments.

SANA / Reuters