Turkish-Syrian Agreement to Reenact Free Trade Pact Amid Syria’s Economic Struggles

TDT | Manama

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In a significant development, the Turkish Ministry of Trade has agreed with Syrian officials to reinstate the free trade agreement that previously governed the economic relations between Turkey and Syria. This move is seen as a step toward restoring some degree of stability and fostering closer economic ties between the two countries, which have been at odds due to years of conflict and diplomatic strain.

Despite this positive shift in trade relations, Syria’s economic situation remains dire, with the nation still grappling with the aftermath of the civil war and the ouster of former President Bashar al-Assad. Although the restoration of the free trade pact is a hopeful sign, it does little to alleviate the country’s deep economic pains.

The destruction caused by the war, coupled with ongoing political instability, has left Syria with a massive rebuilding challenge. According to a 2017 estimate by the United Nations, the cost of rebuilding the war-torn country was pegged at a staggering $250 billion. However, recent projections suggest that the cost could now exceed $400 billion due to the extent of the damage and the changing dynamics of international aid and investment.

In an unexpected twist, wealthy Gulf countries have pledged to build economic partnerships with Syria's new interim rulers, signaling a shift in regional relations. These nations, once hesitant to engage with the Assad regime, are now seeking to establish new avenues for economic cooperation and growth in the post-conflict era. This shift could provide Syria with much-needed financial support as it begins its long road to recovery.

The Turkish-Syrian free trade agreement aims to reduce barriers to commerce, improve bilateral trade flows, and provide economic relief to both nations, but it remains to be seen whether it can truly address the underlying economic challenges facing Syria. With reconstruction efforts still far from underway and international support crucial to Syria’s survival, the road to recovery will be a difficult one.

As Syria moves forward under new leadership, the international community is closely watching how these new partnerships and agreements evolve, and whether they will be enough to lift the country from its economic devastation.