Iran and Syria follow Russia in eliminating the US dollar in transactions
Iran and Syria have just signed many strategic economic agreements and banking transactions in local and non-USD currencies.
Syria's SANA news agency reported that senior officials from Syria and Iran have just signed 11 agreements and memorandums of understanding, including agreements on "long-term strategic economic cooperation."
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Syrian Prime Minister Imad Khamis and Iranian First Vice President Eshaq Jahangiri in Damascus. |
The agreements cover a wide range of areas including economics, culture, education, infrastructure, investment and housing.
Syrian Prime Minister Imad Khamis said this was “a message to the world about the reality of Syrian-Iranian cooperation,” citing “French legal and administrative facilities” to facilitate Iranian companies wishing to invest in Syria and contribute effectively to the reconstruction process.
The agreements include two memorandums of understanding between the railway authorities of the two countries as well as between the respective investment promotion agencies of the two sides.
Regarding infrastructure, the agreement also envisages the restoration of the ports of Tartus and Latakia as well as the construction of a 540-megawatt power plant, according to Khamis. There are also dozens of projects in the oil and agricultural sectors.
Notably, Iran and Syria have also agreed on measures for banking transactions in local and non-US dollars.
This is one of the effective methods that many countries under economic pressure from the US choose to reduce the impact of economic sanctions.
The economic cooperation between Iran and Syria shows the close handshake between pro-Russian allies in the region. It also shows the trend of boycotting the greenback as the US tries to reshape the world political map.