Baghdad/Ankara/Amman – The region witnessed a strategic development after the announcement of US President Donald Trump from the Saudi capital, Riyadh, on Tuesday, to lift the economic sanctions imposed on Syria, as it is a turning point in the path of international relations with Damascus, but rather in the nature of economic interactions in the Middle East.
This shift opened the door wide for Syrian neighboring countries such as Iraq, Turkey and Jordan, to reassess their political and economic relations with Damascus, and to seek to benefit from this change in a way that enhances regional stability and common interests.
Al -Jazeera Net highlights in this report on the economic effects, political indications, and direct repercussions on the Syrian neighboring countries after the US administration’s decision to lift sanctions on Syria to give Damascus a “opportunity” after the fall of Bashar al -Assad’s regime.
Iraq .. cautious openness
In Iraq, the spokesperson for the Baghdad Chamber of Commerce, Rashid Al -Saadi, indicated that the volume of trade exchange between Iraq and Syria was approximately one billion dollars annually before the recent events that occurred in Syria and the lukewarm in relations and the closure of the borders, which led to a significant decrease of about 5% of the aforementioned number.
https://www.youtube.com/watch?v=z862h-okvok
Al -Saadi added in an interview with Al -Jazeera Net that the goods and services between the two countries are often concentrated in food, soap and textiles.
On the mutual investments between Baghdad and Damascus, the spokesman for the Baghdad Chamber of Commerce said that there were no clear features of major investments between the two countries in light of the previous circumstances and the events that Iraq witnessed later.
He added that there are simple investments made by some Iraqi businessmen in areas such as building factories, companies and shops.
Al -Saadi defined the sectors that are likely to achieve a great benefit after the liberation of the Syrian economy and the lifting of US sanctions, led by the banking sector, followed by the sectors of agriculture, industry, trade and tourism investments, in addition to the possibility of resuming oil export and its derivatives.
He pointed out that the stimulation of these sectors completely, especially the oil sector, requires the control of the central government in Damascus on all Syrian lands.
In the context of possible challenges, Al -Saadi pointed out that the most prominent that hinders the speed of the Iraqi investment interaction with Syria is the Israeli challenges, pointing out that the continued Israeli aviation activity over Syrian territory, and their forces stationed close to Damascus may create a state of hesitation among Iraqi investors and businessmen to pump their money and investments inside Syrian territory.
Baghdad and Damascus .. a possible leap in trade between Iraq and Syria
For his part, economic expert Mustafa Hantoush expected a positive leap in the volume of trade and industrial exchange between Iraq and Syria in the wake of the lifting of economic sanctions imposed on Syria, pointing out that this increase will not be large in the short term.
Hantush told Al -Jazeera Net that the current trade exchange between the two countries exceeds one billion US dollars annually, adding that if an economic openness and facilitation of commercial transfers to Syria will be made, then this will contribute to opening a large market between the two neighboring countries.
He warned of the possibility of a shortage of some raw materials, especially fruits and vegetables, given the current situation in which the industrial and agricultural sectors in Syria, which requires years of recovery, are at the same time to increase the prices of Syrian goods compared to what they were in the past, as a result of the Syrian market entering a new stage of activity and competition.
Hantush expected that the volume of trade exchange between the two countries – at best – would reach 4 billion dollars annually, pointing to the presence of promising investment opportunities between Iraq and Syria.
He said that Syria’s openness to the world and its possession of an outlet to the Mediterranean Sea makes it a strategic way to transport Iraqi oil and goods.
Bid that Hantoush stressed that achieving these steps is optimal by achieving full security investigation in Syria, which represents a basic guarantee for the entry of Iraqi investments to the Syrian market with confidence and reassurance.
Türkiye .. the reconstruction partner
In Turkey, economic relations between Ankara and Damascus live a transformation stage, with a gradual return of commercial exchange after the Turkish Ministry of Trade announced in February 2025 to raise all restrictions on exports and transportation to Syria from December 2024, and to subject the Syrian imports to customs rules applied to the rest of the countries.
This openness was quickly reflected in remarkable numbers; Turkish exports to Syria amounted to about 2.2 billion dollars in 2024, high from 2.05 billion dollars in 2023, according to data of the Ministry of Commerce.
In an indication of the growing momentum, Turkish exports to northern Syria during the period between 1 and 25 January 2025 recorded a value of 219 million dollars, an annual increase of 35.5% compared to the same period in the previous year (161 million dollars), and the two parties aspire to raise the ceiling of trade exchange to 10 billion dollars in the coming years.
Gaziantep highlights the most beneficial Turkish states from this activity, as the value of its exports to Syria in 2024 amounted to about 481 million dollars, to occupy the third rank after Iraq and the United States in the list of its foreign markets, according to the data of the Turkish Exporting Union.
The Turkish steps towards economic normalization with Syria are going at an escalating pace, despite the suspension of the work of the free trade agreement signed between Ankara and Damascus in 2007 since the outbreak of the war in Syria, Turkish Trade Minister Omar Balla stressed that it is still legally valid, pointing to his country’s readiness to resume its implementation and expand commercial and investment cooperation frameworks with the new Syrian government.
The construction and contracting sector, which is expected to play a pivotal role in reconstruction projects at the forefront of the beneficiaries; Turkish building materials products, from cement and iron to bricks and bricks, topped the border states exports to Syria in recent years, according to the data of the Chanli Urfa Chamber of Commerce and Industry, and the demand is expected to increase significantly with the start of major projects inside Syria.
On the financial level, Reuters quoted the CEO of Bilbao Vezkaya Argentaria, “BBVA”, Honor Gink as saying that the US decision to lift sanctions on Syria is a positive opportunity for Turkish companies and banks, noting that Turkey has the capabilities to participate effectively in reconstruction projects inside Syria.
Ginnich explained that the Turkish Bank of Granti was facing great challenges in financing projects related to Syria during the past years due to international restrictions, adding that the removal of these sanctions would allow Turkish banks to play a greater role in supporting Turkish companies’ activities inside Syria, and financing infrastructure projects and productive sectors in a more flexible and efficient way.
With regard to the engineering and electronic industries sector, it is expected to witness double growth, in light of the high need within Syria to electrical appliances and electronic consumer equipment, which has always been a fixed clause in trade exchange between the two countries.
Turkish economic researcher Haqi Airul John believes that the decision to lift sanctions on Syria represents a rare strategic opportunity for the Turkish economy, noting that the openness of the Syrian market in this way will allow Turkey to enhance its economic influence in the region and restore its vital role in regional trade.
Researcher Eolol John said in an interview with Al -Jazeera Net that Syria’s return to the global economic cycle will accelerate its integration into regional supply chains, and will pave the way for Turkish companies to enter early in reconstruction projects, with its experience, geographical proximity and ready industrial structure.
The Turkish researcher considered that the lifting of sanctions is a political and economic reference to Syria’s return as a destination for regional cooperation, explaining that Turkey is more qualified than others to be the first partner in this return, if this moment is invested intelligently and strategic planning.
https://www.youtube.com/watch?v=sku_id6wx-o
Jordan .. stimulating intra -trade
In Jordan, given the difficult economic conditions, the Kingdom adjacent to Syria has been directly affected by the crisis there since 2011, whether in terms of economic, security or humanitarian burdens, and with the American orientation towards lifting economic sanctions on Syria, Amman emerges with potential opportunities to enhance its economy and alleviate the burdens resulting from the crisis.
According to observers, the lifting of sanctions on Syria would revive the commercial movement between Amman and Damascus, which before 2011 was very active, as Syria was a land -headed president of Jordanian products towards Europe, Lebanon and Turkey, in addition to being an important market for Jordanian agricultural and industrial products.
With the passage of time, the opportunities for Jordanian contracting and services companies may increase to enter the reconstruction projects in Syria, especially in the southern regions near the border, which provides job opportunities for Jordanians and refreshes sectors such as construction, energy, such as electrical connection projects, gas and water, which are vital sectors for Jordan.
Syria’s stability and integration in regional projects supports Jordanian interests in the medium and long term, according to observers.
An economic delegation to Damascus
For his part, the head of the Jordan and Amman trade chambers, Khalil Al -Hajj Tawfiq, said that the announcement of US President Donald Trump to lift all the sanctions imposed on Syria will contribute to strengthening economic relations between Amman and Damascus, expressing his belief that the American decision will help create opportunities in front of the construction sector to contribute to the reconstruction of Syria.
Al -Haj Tawfiq pointed out that the banking sector will witness an active and noticeable movement with Damascus after the announcement of the lifting of sanctions, noting that the banking sector is a major artery for all sectors such as import, export and others.
Al -Jazeera Net learned that a large Jordanian economic delegation represents the commercial and industrial sector will make an official work to Syria during the coming days, to discuss the future of the economic and commercial relations of the two countries in a way that serves their common interests.
https://www.youtube.com/watch?v=gxoby8hme7o
Strategic opportunity
Economic researcher Amer Al -Shobaki confirmed that the lifting of US sanctions on Syria represents a strategic opportunity for Jordan and the Jordanian energy sector.
He added in an interview with Al -Jazeera Net that the move allows Jordan to resume its vital role in providing Syria with electricity and gas, through the existing regional infrastructure, which has long been suspended by international sanctions on the Syrian side.
He said that Jordan has a major surplus in the produced electricity, while Syria suffers from chronic interruptions caused by the destruction of the infrastructure of the generation stations.
Al -Shobaki pointed out that the lifting of sanctions on Syria will contribute to stimulating the return of Syrian refugees from Jordan, who were reluctant to return, raising the sanctions from the extent of stability and the availability of services in Syria, noting that the new Syrian reality opens the door to new Jordanian investments inside Syria, and the chances of logistical growth by stimulating the transit land transport sector that suffered from paralysis throughout the years of the crisis.
The economist called for the need for Jordan to move officially to translate this strategic transformation into concrete projects, especially in the energy and transportation sectors, in a way that enhances its regional position, and improves its financial and economic conditions.
The volume of Jordanian exports to Syria in the first 10 months of last year reached 768 million dollars, and according to the numbers of the General Statistics Department, the volume of Jordanian imports from Syria during 10 months of last year reached approximately 711 million dollars compared to 535 million dollars during the same period of the year 2023.
