MNA reported that Iran and Syria have signed a free trade agreement in a bid to boost bilateral trade especially in industry, mining and agriculture.

The deal was signed after the Iranian parliament passed a bill for free trade with Syria. The bill provided for free trade between Iran and Syria within the next five years.

Speaking to the Mehr News Agency, Mr Hamid Safdel head of the Trade Promotion Organization said that the deal would pave the way for the two sides to increase annual trade to USD 5 billion.

Currently, Mr Safdel said, engineering services is Iran's main exports to Syria, which amounted to USD 2.2 billion in the last Iranian calendar year which ended on March 20th 2011.

The two countries' trade value (excluding technical and engineering services exports) stood at USD 336 million in 2010. Iranian firms are currently carrying out different construction projects in Syria such as cement factory, hydroelectric power plants, glass factory and silos.

Senior Iranian lawmaker Mr Allaedin Boroujerdi said that the free trade pact was a firm response to the United States and its allies which are investing billions of dollars to change the political structure of the Syrian government.

(Sourced from www.mehrnews.com)