Lebanon’s industry minister George Frem met with his Syrian counterpart, Ahmad Hamou, in Damascus on Wednesday to discuss ways of boosting bilateral trade and setting up joint Lebanese-Syrian ventures, reported the Daily Star newspaper.
Frem was accompanied by a high-ranking Lebanese industrial delegation, which held meetings with Syrian industrialists to smooth hurdles in trade between Syria and Lebanon.
Both countries signed an agreement in 1998 to phase out tariffs on manufactured goods by 25 percent a year over four years, said the paper.
Syria’s News Agency (SANA) said that both sides voiced their concern as to develop and boost relations stressing that this meeting is a “serious step for cooperation between the industry ministries of the two countries.”
Issues of marketing, export, import, customs tariffs, Syrian-Lebanese goods exchange, elimination of obstacles of export between the two countries were reviewed, said SANA.
Secretary general of the higher Lebanese-Syrian council, Nasri Khoury, told the paper that both sides were working to remove legal hurdles that are impeding the smooth flow of trade between Syria and Lebanon. Khoury stressed that both countries should create a common market very soon.
Hamou said that Lebanon and Syria do need to join larger economic blocs because the two markets complement each other, according to SANA.
“Currently, there are a number of economic blocs in this world, but we do not need those because our two markets complement each other,” said Hamou.
He suggested that Lebanon and Syria cooperate in the textile industry, whereby Syria would provide raw materials and Lebanon would design clothes.
According to the Star, Frem’s visit is part of his long-term plan to double annual Lebanese exports to $1.4-$1.5 billion in the coming years. This plan includes the creation of 50,000 jobs, and increasing the industrial sector’s contribution to the gross domestic product from 17 to 20 percent, added the paper.
Lebanese exports in 2000 increased by 6 percent to $714 million as imports stayed unchanged at $6.228 billion, said the Daily Star.
Lebanese imports from Syria increased 27 percent to $283 million in 2000 – Albawaba.com
