Damascus: The UAE and Syria Wednesday signed a customs cooperation agreement on the sidelines of the Annual Meeting of Arab Financial Institutions in Damascus.

The agreement was signed by Obaid Humaid Al Tayer, Minister of State for Financial Affairs, and Mohammad Al Hussain, Syrian Minister of Finance.

Al Tayer said that this agreement is important for the private sector, and especially for increasing the volume of trade between the two countries.

He said that any obstacles that trade previously faced between the two countries will now be removed with the signing of this agreement.

Positive impact

Al Tayer added that the private sector can contribute to the economic growth of any country, and therefore providing the necessary facilities and implementing key legislation will have positive social and economic effects in Syria.

Al Tayer also said that he hoped the UAE private sector would increase its investments in Syria and would take advantage of the investment opportunities provided by the Syrian government.

He said this is a step forward in taking economic relations to a higher level.

"As officials, we are not satisfied with the current level of bilateral relations. We will work on overcoming all obstacles that prevent the development of these relations to reach a level that meets the aspirations of both countries," said Al Tayer.

During a speech after the signing of the agreement, Al Hussain said that the agreement will have a positive effect on trade between the UAE and Syria.