Iran, Syria set to renew long-term economic agreement

Syria and its key ally Iran agreed to renew an economic strategic arrangement between the two countries on January 14.

As the Tehran Times reported, the move comes as Damascus prepares to welcome Iran’s president in the near future.

Tehran has sent thousands of Iran-backed fighters to help President Bashar Assad stay in power ever since Syria’s uprising turned into civil conflict in 2011.

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.

While Iranian Foreign Minister Hossein Amirabdollahian, who met in Damascus with President Assad and his Syrian counterpart, Faisal Mekdad, did not set a date on where or when the signing of the extension will take place, he did state that Tehran and Damascus will continue to cooperate in all matters, especially with energy.