Iran, Syria to launch joint bank

March 10, 2011 - 0:0

Iran’s Minister of Economic Affairs and Finance Shamseddin Hosseini has announced the planned establishment of a joint Iran-Syria bank.

The bank, named al-Aman, will have a branch inside Iran and work without restrictions, Hosseini said.
He made the remarks in a meeting with Syrian Economy and Trade Minister Lamia Assi in Tehran on Tuesday, Mehr News Agency reported.
Describing the meeting as an occasion to boost ties between the two states, the Iranian minister said the 13th joint commission between Tehran and Damascus will be held soon.
According to an agreement by the joint commission, the joint bank committee would be launched within three months, Hosseini said.
The Iranian official also noted that the building of the bank in Syria has been purchased.
Iran signed a draft agreement on free trade with Syria in August last year in a move to boost the Islamic Republic’s economy.
The 23-article document applied to a wide variety of commodities in the fields of industry and agriculture, and is applicable to any product as long as 50 percent of it is produced in either country.
Under the agreement, all existing tariffs would be reduced to four percent within a five-year period, Iranian officials said.
(Source: Press TV)