Iran and Syria will sign a free trade agreement in late November, according to the Trade Promotion Organization (TPO) of Iran, amid Tehran’s plans to rely more on revenues derived from exports with a focus on neighbors and allied countries.

TPO chief Alireza Payman Pak said on Monday that the free trade deal between Iran and Syria will be finalized during a trip by Iranian trade minister to Syrian capital Damascus on November 29.

Payman Pak said Iran will also implement a free trade deal with Pakistan as well as two preferential trade agreements with Indonesia and Venezuela in the near future.

The announcement is a fresh sign Iran is intent on expanding its non-crude exports to offset losses suffered on crude sales in recent years mainly because of US sanctions.

Exports to Syria currently account for a small portion of Iran’s total exports although authorities have repeatedly said that they have plans to increase the shipments.

 

Source: Press TV