Lebanon and Syria to Revise Decades-Old Trade Agreements in Coming Months

Lebanon and Syria will begin revising decades-old trade agreements in the coming months. Lebanon's economy minister, Amer Bisat, said the effort follows the ouster of Syrian leader Bashar al-Assad in 2024 and aims to reset economic ties between the two countries. Bisat spoke to Reuters on July 16 after meeting his Syrian counterpart in Damascus the previous day.

A committee established in early July will examine more than 40 pacts and memoranda of understanding on investment frameworks, visa regimes, tax rules and other trade matters. The review is expected to take several months, while any larger bilateral trade deal would require additional time. At its peak, total trade between Lebanon and Syria reached just under $800 million.

Last year the volume stood at around $250 million, Bisat said. Lebanon shares a 375-kilometre border with Syria and has used Syrian routes for exports to Jordan and the Gulf, while Syrian exporters have relied on Lebanon as a corridor. "That economic relationship needed to be reset, and it has the potential of being the most important bilateral relationship for both countries," Bisat said.

Syrian troops were stationed in Lebanon for almost 30 years during nearly half a century of Assad family rule. Bisat noted that tariffs are not uniform and that logistical hurdles for land transport must be addressed.