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Iran and Syria Set to Renew Long-Term Economic Agreement

In this photo released on the official Facebook page of the Syrian Presidency, Syrian President Bashar Assad, right, meets with Iranian Foreign Minister Hossein Amirabdollahian in Damascus, Syria, Saturday, Jan. 14, 2023. (Syrian Presidency Facebook page via AP)
In this photo released on the official Facebook page of the Syrian Presidency, Syrian President Bashar Assad, right, meets with Iranian Foreign Minister Hossein Amirabdollahian in Damascus, Syria, Saturday, Jan. 14, 2023. (Syrian Presidency Facebook page via AP)

Syria and key ally Iran agreed Saturday to renew an economic strategic arrangement between the two countries as Damascus prepares to welcome Iran’s president in the near future.

Since Syria’s uprising turned into civil conflict in 2011, Tehran has sent thousands of Iran-backed fighters to help President Bashar Assad stay in power amid fighting that killed hundreds of thousands of civilians and displaced millions.

Iran has also been a critical economic lifeline for Syria, delivering fuel and credit lines worth billions of dollars to help Damascus offset crippling Western-led sanctions. Syria’s economy across both government and opposition-held areas has hit an all-time low over the past decade, with spiraling inflation, a currency plunge, and rampant power cuts.

Syria and Iran signed almost a dozen economic deals in 2019 as part of the long-term strategic economic agreement to bolster their commercial ties.

Iranian Foreign Minister Hossein Amirabdollahian, who met in Damascus with Assad and his Syrian counterpart, Faisal Mekdad, did not set a date on where or when the signing of the extension will take place.

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