Damascus– US President Donald Trump has signed an executive order to end sanctions against Syria to enter into force the day before yesterday, Tuesday, a spokeswoman for a spokeswoman. White House Caroline Levitte.
This comes after the president’s announcement Donald Trump His country’s intention to lift sanctions on Syria during his visit to Saudi Arabia last May.
The US Treasury reported, through the “OFAC”, that it implemented the decision issued by President Donald Trump, and the judge to lift US sanctions on Syria, “in a move aimed at supporting the Syrian people and their new government in their efforts to rebuild the country, and seize the opportunity to turn into a stable and prosperous state that is blessed with internal peace and with neighboring countries,” according to the ministry’s statement.
The new executive order canceled previous orders that imposed comprehensive sanctions on Syria, while maintaining accounting mechanisms imposed on a regime Bashar al -Assad The ousted, represented by the inclusion of 139 individuals and entities associated with the “regime and the authorities of Iran” within the sanctions lists, “to ensure the continued accountability of the violations committed by the previous regime,” according to the US Treasury statement issued on June 30.
In the same context, the Foreign Asset Monitoring Office removed 518 individuals and entities who were covered by the sanctions program on Syria, as a step aimed at lifting restrictions on individuals and axial authorities in the reconstruction process, facilitating the work of the new government, and restoring the social fabric in the country.
Most vital sectors
Economist Ayman Abdel Nour says that the lifting of sanctions on Syria included most of the vital sectors in the country, expecting to cancel Congress Caesar Law Fullly, after he is now unanimous.
Abdel Nour adds, in an interview with Al -Jazeera Net, that the recent decision has reopened all sectors, including those that have been broken since 1979, after Syria classified a state sponsor of terrorism before US.
He explains that the amendments canceled the restrictions imposed on importing goods with dual use, which are materials that can be used in civil and military purposes, and are often linked to industry and technology sectors, as basic commodities such as food, medicine and medical supplies have become supplied without the need for special approvals from US Treasury.
Expert Abdel Nour indicates that the penalties imposed on Central Bank The Syrian and the banks have been raised, which allows the Syrian government to make financial transfers in dollars, and the lifting of sanctions included vital sectors such as the electricity and energy sector.
Abdel Nour expects that the exchange rate of the Syrian pound will rise during the coming period, in light of the expected allowing the import of goods, services and equipment, in addition to the possibility of the flow of American investments, which may reduce pressure on the dollar, but he stressed that this matter requires effective government administration, especially from the Ministry of Economy and Industry, to ensure the achievement of positive and sustainable results on the local currency.
An encouraging climate
The expert believes that real estate and financial markets may benefit from this step by increasing demand and economic activity, which will be reflected in prices gradually, albeit immediately.
Abdel Nour notes that the next stage may witness an influx of investments and money to the sectors of oil, industry, agriculture, finance and banks, which may have a direct positive impact on the Syrian economy.
For his part, the economist, Adham Qudayati, says that the decision to lift sanctions on Syria would create an encouraging climate for merchants and companies, especially the international ones, to resume dealing with Syria And economic entities related to the new Syrian government.
Qaimati adds, in an interview with Al -Jazeera Net, that this openness will contribute to the re -connection of Syrian banks, public and private, to the global economy, which paves the way for the flow of regional and international investments without fear of exposure to American or international sanctions.
International companies are expected to enter the Syrian market, in conjunction with the readiness of international governments and institutions to cooperate with the government, especially with regard to the rehabilitation and development of infrastructure, including the banking sector.
It indicates that companies operating in the energy sector, especially those concerned with oil and gas exploration, may find a real opportunity to invest in Syria, in light of the urgent need to secure oil derivatives to meet local demand.
Challenges
On the challenges facing the Syrian government to benefit from these capabilities, Qaimati says that most of these challenges relate to the restructuring of economic regulations and laws, and the development of the infrastructure necessary to deal with banks and international financial institutions.
He adds that lifting sanctions gave the government an opportunity to cooperate with international organizations concerned with the global financial system, in order to modernize laws and implement reforms that are constructed in a modern economy based on advanced infrastructure.
Qudati confirms that there are direct gains for Syrian merchants, the most prominent of which is the ability to export local products abroad, with the possibility of obtaining international certificates that were previously banned.
He says that Syria may also benefit from international grants and loans, after some of it has already begun to verify, even if it has not yet reached the desired level.