2002 News Story

Kingdom and Syria ready to embark on free trade

Saudi Arabia and Syria are set to open a new era in trade relations by implementing in January 2003 a free trade zone agreement that will eliminate customs duties and other tariffs in addition to ensuring free movement of goods between the two countries. A transportation agreement that will be implemented along with the free trade pact will remove all obstacles in the way of cross-border movement of merchandise. This agreement will be particularly favorable to Saudi businessmen. Syrian exports to the Kingdom rose to SR 1.02 billion [U.S. $0.27 billion] in 2001 against SR 787 million [$ 210 million] in 2000; while Saudi non-oil exports to Syria amounted only to SR 373 million [$ 99.6 million] in 2001 and SR 381 million [$101.74 million] the year before.