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EU Suspends Economic Agreement With Syria to Pursue Expanded Trade Ties
The suspension of an existing economic pact between the European Union and Syria aims to establish fuller trade relations. The step comes as Syria seeks to rebuild its economy following years of conflict. Related developments include the suspension of certain energy and banking sanctions as well as plans to restore a cooperation agreement.
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The move is intended to support Syria's financial recovery after years of conflict and economic isolation. It forms part of a series of recent steps to re-engage with the country, including the reopening of a European embassy there after more than a decade.
Officials have also suspended key energy and banking sanctions on Syria. Syria is expected to rejoin the SWIFT international payment system within a few weeks. Those discussions are expected to cover further economic and trade normalization. The suspension of the existing pact and the pledge of fuller trade ties represent one of the most concrete economic steps taken toward Syria in recent years.
The developments come amid a broader shift in international engagement with the country as it works to stabilize its economy.
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