Ankara: The US has officially removed Syria from its list of state sponsors of terrorism, a significant move that concludes nearly five decades of diplomatic isolation and restrictions that have impacted Syria's participation in global trade and finance. This decision is seen as a crucial step in facilitating Syria's reintegration into the international economic community.
According to Anadolu Agency, US Secretary of State Marco Rubio announced that the delisting was a response to positive actions and commitments by the Syrian government under President Ahmed al-Sharaa to distance itself from international terrorism. This change is expected to pave the way for increased private sector investment and economic growth in Syria, opening new avenues for development and reconstruction.
Syrian President Ahmad al-Sharaa expressed optimism about the decision, highlighting it as a pivotal moment for Syria as it seeks to move beyond its troubled past and embrace new opportunities for development. Syria's inclusion on the terrorism list since 1979 had imposed a range of US legal restrictions, including limitations on foreign assistance, exports, and financial transactions.
The removal of Syria from the list follows a 45-day congressional review period that ended without opposition from lawmakers. This development also coincides with the revocation of the terrorism designation for the group Hayat Tahrir al-Sham, which played a key role in the Syrian civil war.
The decision is expected to have a significant impact on Syria's banking sector, which had been largely cut off from the global financial system. The lifting of restrictions aims to facilitate easier access to international banking networks and financial services. The Central Bank of Syria, previously under sanctions, can now engage more freely with global financial institutions.
In terms of foreign investment, the removal of Syria from the terrorism list eliminates major barriers that had deterred investors. The World Bank estimates that Syria requires $216 billion for reconstruction, and recent investment pledges from countries such as Saudi Arabia, the UAE, and Qatar signal a promising start towards meeting these needs.
While the delisting removes specific restrictions related to defense exports, Syria will still face other US export control requirements. Dual-use goods, which can have both civilian and military applications, remain subject to regulation, although the US has eased some controls on civilian exports to Syria.
Despite the lifting of comprehensive sanctions, certain Syrian individuals and entities remain under targeted US sanctions due to their involvement in human rights abuses, drug trafficking, and past chemical weapons activities. These parties continue to be listed under separate legal authorities.
This historic move by the US signifies a turning point for Syria, offering new prospects for economic recovery and reentry into the global market. The international community will closely watch how Syria navigates this new era of reintegration and development.