Syria, Lebanon, Jordan and Turkey have today a major step in the Middle East Union made. They signed a free trade agreement between the states, similar to the EU.
The new association CNETAC is called, which means "Close Neighbors Economic and Trade Association Council. The association has the aim to coordinate the economic and trade cooperation and to remove all obstacles from the path.
The first official meeting of this association, to take part, the foreign ministers of these countries, takes place in November in Damascus.
The signed contract includes specifically:
- the creation of a customs-free trade zone
- the timetable for the creation of this trade area
- the powers of the CNETAC
- cooperation in economy, trade
- the lifting of barriers to trade
- the deepening of all existing Contracts and their further development
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