Türkiye and Syria seek to deepen economic ties with new agreements

 

Türkiye and Syria have moved to a new phase in their economic partnership with the signing of the founding protocol for the Türkiye-Syria Joint Economic and Trade Committee (JETCO).

The signing ceremony held in Ankara was attended by Trade Minister Ömer Bolat and Syria’s Economy and Industry Minister Nidal Al-Shaar.

Bolat emphasized that al-Shaar is the first official from Syria in the field of economy and industry to visit Türkiye.

He highlighted the positive momentum in bilateral economic relations, citing a trade volume of $2.6 billion in 2024 and $1.9 billion in the first seven months of 2025.

He noted that the Syrian delegation would continue its contacts in Türkiye until Aug. 7, including meetings with Vice President Cevdet Yılmaz, visits to organized industrial zones and engagements with business leaders in Istanbul.

Bolat expressed gratitude to Syrian businesspeople for their growing interest in trade with Türkiye: “We proposed a new generation of comprehensive economic partnership to replace the previously inactive free trade agreement signed before 2011,” Bolat said.

“From now on, our economic cooperation efforts will accelerate based on this JETCO agreement,” Bolat added.

The ministers also signed a Memorandum of Understanding on Cooperation in Administrative Development and Governance, aiming to strengthen Syria’s institutional capacity in trade, customs and economic management through technical assistance and experience sharing.

Bolat mentioned ongoing modernization efforts at seven active border gates between the two countries to accommodate increasing passenger and trade traffic.

He also recalled the recent activation of the Türkiye-Syria natural gas pipeline, which will power a 1,200-megawatt electricity plant and improve energy access for nearly 5 million Syrian households.

Bolat expressed hope that Turkish banks would soon begin operations in Syria and that Turkish entrepreneurs would play an active role in Syria’s reconstruction, particularly in infrastructure and social housing.

Al-Shaar described Türkiye as a strategic partner and a second homeland for Syrians.

He called for joint production, integrated markets and mutual investments to ensure an inclusive economic future.

On the second day of their visit, the guest delegation will hold meetings in Istanbul.

As part of the program, a “Roundtable Meeting” will be held at the Foreign Economic Relations Board (DEİK) with representatives from the private sector.

The meeting will focus on potential contributions of various sectors to Syria’s reconstruction process and explore alternative financing models.

Additionally, the protocol for setting up the DEİK Türkiye-Syria Business Council will be signed. Through this protocol, the newly established business council aims to strengthen communication between umbrella organizations and representatives of the private sectors of both countries, and to enhance their capacity to jointly develop projects.