The potential of the economic cooperation between Belarus and Syria is not used to the full extent, Khalid Saluta, the Assistant Minister of Economy and Foreign Trade of the Syrian Arab Republic, said at the first session of the Belarusian-Syrian business council.

At present, a free trade zone between Belarus and Syria is being established. The decision about its formation was made at the fourth session of the intergovernmental Belarusian-Syrian committee on trade and economic cooperation. “This project is almost ready. We only have to set up some customs regulations to be used in this zone,” the Assistant Minister of Economy and Foreign Trade of Syria said.

The first session of the Belarusian-Syrian business council is designed to stir up the trade and economic cooperation between Belarus and Syria. An exhibition of Syrian products is planned to be held in Minsk in the nearest future. Khalid Saluta invited Belarusian businessmen to take part in the international exhibition that will be held in Damascus in August 2008.

Riyadh Khamad, the co-chairman of the Belarusian-Syrian business council, owner and president of the company ADAM Group, noted that the level of the trade and economic relations between Belarus and Syria does not fully reflect the cooperation potential. According to him, in 2002 the trade between the two countries totalled $16 million; in 2007 it neared $45 million which is insufficient. Riyadh Khamad expressed the hope for the intensification of the trade and economic relations between Belarus and Syria.

According to first deputy chairman of the Belarusian Chamber of Commerce and Industry (BCCI) Nikolai Sakhar, in 1998 the BCCI signed a cooperation agreement with the Federation of Syrian Chambers of Commerce. In 2006, a business council foundation agreement was signed.

The delegation composed of 25 major companies from Syria came to Belarus on June 23 to establish economic relations with Belarusian businessmen. The visit will last till June 28.