The Syrian Ministry of Economy and Foreign Trade is preparing laws to regulate trade in the country and commercial companies activities, Zawya.com reported.
During a seminar on commercial arbitration, Minister of Economy and Foreign Trade, Ghassan EL-Rifai stated that Syria has been working on new laws and on implementing the Arab Free Trade Zone Agreement in addition to holding talks with the European Union for a partnership agreement.
He added that three private banks will start functioning in his country as of the beginning of next year. The increasing number of contracts and deals will make it necessary to find a mechanism to resolve commercial disputes in the country.
It is worth mentioning that Syria has recently issued licenses for three foreign banks to operate in the country.