Yemeni-Syrian trade relations Steady progress [Archives:2003/04/Business & Economy]

January 27 2003

Yemen-Syrian political and economic relations are witnessing steady development, as convergence of the two countries’ vision of the region’s events has enhanced their orientation towards development of cooperation. The two countries have held regular meetings of the Higher Joint Committee (HJC) chaired by both countries’ prime ministers.
In the Yemeni-Syrian Higher Joint Committee meeting held in Damascus on 26 January a number of projects and agreements have been ratified in addition to discussion of cooperation in trade, technical and higher education, and public health and population fields.
The Higher Joint Committee has drawn up practical mechanisms for activating already signed agreements and enhancing the work of the Yemeni-Syrian businessmen council. This council will be playing a future role in developing investment partnership and utilization of existing investment opportunities in the way contributing to strengthening confidence among the Syrian and Yemeni businessmen.
Meetings of the HJC in Damascus came as a result of its previous meetings for evaluation of implementation of agreements concluded last year, among which was the agreement on avoiding taxes dualism. The two countries signed agreements on exchange of taxation information to combat tax evasion and to support and develop cooperation between the two countries in all fields. And in order to develop trade relations the two countries have joined the countries that had in 2002 declared the establishment of the Arab Union of Sea Navigation in Alexandria for the purpose of creating coordination among those countries in sea transport and its services in the face of world groupings. Holding of three Syrian trade fairs in Sanaa and Aden can be an example on the growth of Yemeni-Syrian trade relations. In September 2002 two Syrian fairs were held in Sanaa for Syrian various products in which 25 companies had participated. A third Syrian trade fair was held in Aden on 29 May 2002 in which 60 companies took part. Those Syrian trade fairs are considered a good beginning for consolidating the two countries’ trade exchange in context of cementing Arab countries trade and economic relations among their markets. But the balance of trade is still tilted to Syrian products exported to Yemen by %75.
It is to be noted that the volume of trade exchange between Yemen and Arab countries has so far amounted to YR 194.80 billion. The value of Yemen’s exports to Arab markets have reached to YR 34.40 billion. Nevertheless, there are opportunities for increasing Yemeni exports to Syria in the trend for realizing balance in the balance of trade between the two countries.