Turkey and Syria aim to reinforce their economic relationships through fresh accords
Turkey and Syria Strengthen Economic Ties with Joint Committee
A significant reactivation and expansion phase in the Turkey-Syria economic partnership is underway, as evidenced by new agreements and protocols aimed at boosting bilateral trade and cooperation.
This week, Turkey and Syria signed the founding protocol for the Türkiye-Syria Joint Economic and Trade Committee (JETCO), marking a shift towards a comprehensive, "new generation" economic partnership. The JETCO agreement is expected to accelerate cooperation in trade, investment, and economic integration between the two countries.
In 2025, the trade volume between Turkey and Syria reached $1.9 billion in the first seven months, a decrease from the $2.6 billion recorded in 2024. However, the Turkish Ministry of Trade aims to increase this volume to $5 billion in the short term, reflecting ambitious growth objectives.
The partnership will not be limited to trade volumes, but will also focus on joint production, mutual investment, and establishing integrated markets. The initial focus will be on small and medium-sized enterprises, with larger projects, such as establishing production plants in Syria for export purposes, to follow. Turkish banks are also preparing to launch operations in Syria, which will facilitate further economic engagement.
Additional areas of cooperation involve infrastructure reconstruction, administrative development, and governance to strengthen Syria's trade and economic management capacities with Turkish technical assistance. A new international road direct transport route has been opened to facilitate smoother trade logistics by eliminating the need for goods transfers at the border, further integrating Syria into regional supply chains towards Gulf countries.
The JETCO agreement is a cornerstone of the renewed economic partnership, aiming to institutionalize cooperation and drive trade volume growth towards $5 billion. The partnership emphasizes reconstruction, investment, and economic integration as key future directions.
During their visit, the Syrian delegation will hold meetings in Istanbul on the second day, including a Roundtable Meeting at the Foreign Economic Relations Board (DEİK) with representatives from the private sector. Minister Bolat expressed gratitude to Syrian businesspeople for their growing interest in trade with Turkey, while Al-Shaar described Turkey as a strategic partner and a second homeland for Syrians.
The Türkiye-Syria natural gas pipeline has already been activated, powering a 1,200-megawatt electricity plant and improving energy access for nearly 5 million Syrian households. Furthermore, a Memorandum of Understanding on Cooperation in Administrative Development and Governance was signed, aiming to strengthen Syria's institutional capacity in trade, customs, and economic management.
In conclusion, the JETCO agreement is set to reshape the economic relationship between Turkey and Syria, with a focus on trade, investment, and economic integration. This partnership is seen as essential for regional stability and prosperity, with Turkish entrepreneurs hoped to play an active role in Syria's reconstruction, particularly in infrastructure and social housing.
- The establishment of the Türkiye-Syria Joint Economic and Trade Committee (JETCO) is expected to boost cooperation in finance and business, particularly in trade, investment, and economic integration between Turkey and Syria.
- With the aim of increasing the trade volume between Turkey and Syria to $5 billion, Turkish banks are preparing to launch operations in Syria, which will facilitate economic engagements in finance and business.
