Foreign Trade

Given the policies adopted from the 1960s through the late 1980s, which included nationalization of companies and private assets, Syria failed to join an increasingly interconnected global economy. Syria withdrew from the General Agreement on Tariffs and Trade (GATT) in 1951 because of Israel's accession. It is not a member of the World Trade Organization (WTO), although it submitted a request to begin the accession process in 2001. Syria is developing regional free trade agreements. As of 1 January 2005, the Greater Arab Free Trade Area (GAFTA) came into effect and customs duties were eliminated between Syria and all other members of GAFTA.

In addition, Syria has signed a free trade agreement with Turkey, which came into force in January 2007, and initialed an Association Agreement with the European Union, which has yet to be signed. Although Syria claims a recent boom in non-oil exports, its trade numbers are notoriously inaccurate and out-of-date. Syria's main exports include crude oil, refined products, raw cotton, clothing, fruits, and grains. The bulk of Syrian imports are raw materials essential for industry, vehicles, agricultural equipment, and heavy machinery. Earnings from oil exports as well as remittances from Syrian workers are the government's most important sources of foreign exchange.[

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