Damscus, Feb 7 (IANS): Iran and Syria have called for accelerating the establishment of a joint bank to boost bilateral trade, it was reported.

"In order to increase economic exchanges, it has been proposed that we establish a joint bank to support economic activities," Xinhua news agency quoted of the Iran-Syria Joint Chamber of Commerce Keyvan Kashefi as saying at a meeting with Syrian officials in Damascus on Saturday.

The implementation of a free trade agreement and the reduction or elimination of customs tariffs can be instrumental in the increase of mutual trade exchanges, Kashefi was quoted as saying.

"Syria is one of our main trade markets and export destinations... We have common interests with this country in various fields, which can support our economic relations," he said.

Earlier, Kashefi said that the annual value of Iran's trade with Syria could reach $1 billion by the end of current Iranian calendar year which will start on March 20.

The Syrian economic and trade officials also attended the meeting.

They stressed their interest in increasing cooperation with Iran and proposed ways to develop the two countries' trade relations.

It was announced on December 26, 2020, that Iran and Syria had plans to establish a joint bank to facilitate trade cooperation.