The head of Iran’s Trade Promotion Organization (TPO) said his organization is going to dispatch a delegation comprised of major Iranian firms to Syria to take part in the country’s International Expo for Oil and Gas Industries and Services, which is slated to be held in the Arab country in July.

According to The Iran Project,As Tasnim News Agency reported, expanding and developing trade with Syria has been cited as the main aim of the participation in this exhibition, Mehdi Zeyghami noted.

Iran is one of the leading countries in the field of exporting technical and engineering services to other countries, the deputy minister of industry said, adding that Iran has inked memoranda of understanding (MOUs) with African and South American countries in this regard.

Earlier, an official at the TPO said the organization has taken effective measures to get the lion’s share in the Syrian market.

Syria has been put at the focal attention of Iranian traders for exporting their products, Abdolamir Rabihavi, the director general of the TPO West Asia Office said.

Earlier this month, TPO held a conference on Syria’s trade opportunities for Iranian business operators on Sunday.

The conference dubbed “Reconstruction of Syria” was attended by officials from the two countries and representatives of companies from both sides.

Speaking at the event, Rabihavi said the economic cooperation between Iran and Syria has entered a new stage, adding that Iranian business operators have a potential $5.0 billion market waiting for them.

“Syria is looking forward to the expansion of economic ties with Iran,” Rabihavi said.

According to the official, the Central Bank of Iran (CBI) has agreed to establish a joint bank with Syria.

“Initial discussions on the establishment of a joint bank between Iran and Syria have been carried out. This bank will act far from international sanctions against Iran and Syria. We hope that the bank will reopen next year,” he said.

He further noted that the Free Trade Agreement (FTA) between the two countries is expected to be implemented in the next Iranian calendar year (begins on March 20).

According to Rabihavi, the two countries have set the goal to increase their mutual trade exchanges to $500 million, next year.

As the body in charge of the country's foreign trade sector, TPO has presented plans for the economic development of the two countries to the secretariat of the joint commission of the two countries, the ambassadors, and the foreign ministry, the official said.

“Our most important program is to attend international exhibitions in Syria and it is an opportunity for people traders who want to enter the Syrian market to establish themselves,” he noted.

Rabihavi had earlier said that Syria is one of the export target countries of the Islamic Republic, and after the end of the military crisis and the establishment of peace in the region, Iranian traders and businessmen are getting more interested in the Syrian market.

The official said the organization has been taking effective measures to increase the share of Iranian companies in the Syrian market.

He pointed to the FTA between Tehran and Damascus and added that the customs tariffs agreed with Syria have been minimized to the zero level.

The two countries have high potential and capacities to boost their trade, Rabihavi added.