ERBIL, Kurdistan Region - The heads of the Syrian and Iraqi chambers of commerce signed a memorandum of understanding (MoU) in Damascus on Friday aimed at boosting trade and investment ties, Syrian state media reported.
The MoU, signed on the sidelines of an international fair in the Syrian capital, aims to “stimulate trade exchange, strengthen direct communication between the business communities in both countries, and encourage joint investments and partnerships,” the Syrian chamber of commerce said in a statement carried by the Syrian Arab News Agency (SANA).
Accordingly, the understanding contributes to “expanding economic cooperation and consolidating the position of Syria and Iraq as trading and economic partners,” the statement added.
Iraq maintained strong relations with Bashar al-Assad’s government, but ties deteriorated after he was ousted by Islamist-led forces in December 2024. Baghdad has since sought to restore and strengthen relations with Syria's new rulers.
Syria and Iraq signed a high-profile MoU in Washington in early July to evaluate and operationalize a pipeline connecting oil-rich Kirkuk in Iraq to Baniyas on the Syrian coast. The project aims to initially transport up to two million barrels of crude oil per day.
Building on the agreement, the Iraqi government later that month authorized the Basra Oil Company to sign further MoUs with Syria’s oil ministry, focusing on modernizing transit infrastructure linking Iraqi production sites with Syrian export hubs.
