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Syria and Russia to strengthen economic and financial cooperation

Damascus, Jun 8 (Prensa Latina) The Syrian Minister of Finance, Kinan Yaghi, and his Russian counterpart, Anton Siluanov, talked about ways to strengthen bilateral economic and financial cooperation, media reported here.

During the meeting held in the Russian city of St. Petersburg, in the context of the International Economic Forum, the two ministers agreed to continue the dialogue on technical collaboration in the tax and customs areas, and the banking and insurance sectors.

They also agreed to expedite the signing of a draft memorandum of understanding between the Syrian Ministry of Economy and Foreign Trade and the Eurasian Economic Union, which will grant preferential tax and customs benefits to Syrian products when entering the countries of the Union.

In the banking sphere, it was agreed to increase the number of bank accounts between Syrian and Russian banks and to expand the use of the Russian Payment System (RPS) as an alternative to the Western SWIFT system.

Several proposals were also discussed to secure the necessary financing for the agreed projects in Syria, in line with the agreement to expand trade and economic cooperation between the two countries.