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UAE and Syria Plan to Boost Economic Cooperation

by Richie
10/10/2021
in Global Trade, Trade Agreements

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The United Arab Emirates (UAE) and Syria have agreed to strengthen their economic cooperation, with a focus on exploring new sectors. This development is seen as part of the changing regional dynamics following a decade of conflict in Syria.

The UAE, which initially supported the Syrian opposition during the early years of the conflict, has shifted its approach as the Syrian army regained control of most territories. This shift is part of a broader trend among some Arab countries to engage with President Bashar al-Assad’s government.

According to the UAE’s economy ministry, non-oil trade between the UAE and Syria in the first half of 2021 amounted to one billion dirhams (approximately $272 million). This announcement was made via the ministry’s Twitter account.

In 2018, the UAE reopened its embassy in Damascus, marking the end of an organized Arab diplomatic boycott that began in 2011. This reopening was part of an effort to balance the influence of non-Arab actors in Syria, such as Iran and Russia, who support al-Assad, and Turkey, which backs opposition forces.

Recently, at the Dubai Expo 2020, the economy ministers of the UAE and Syria met to discuss ways to expand their bilateral relationship, as reported by the state-run WAM news agency.

The implementation of US sanctions under the Caesar Act has been a challenge for Syria. These sanctions aim to prevent reconstruction efforts or trade deals without human rights reforms and target individuals and institutions associated with the Syrian government, including President al-Assad, his inner circle, and the central bank.

While the Syrian government, with the support of Russia and Iran, has regained control over opposition-held areas, it faces significant challenges in governance and economic recovery. A large portion of the Syrian population is living in poverty, and the country has experienced substantial losses, both in human lives and infrastructure, due to the war. The United Nations estimates that at least 350,000 people have been killed since the conflict began in March 2011, which also led to a major refugee crisis.

Stay informed with supply chain news on The Supply Chain Report. Free tools for international trade are at ADAMftd.com.

#UAESyriaCooperation #EconomicPartnership #MiddleEastRelations #RegionalDiplomacy #PostConflictRecovery #TradeDevelopment #BilateralTies #EconomicGrowth #UAEInitiatives #SyriaRecovery #DubaiExpo2020 #GlobalTrade #CeasarActImpact #MiddleEastEconomy #SyrianReconstruction

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