The United States removed Syria from its list of state sponsors of terrorism on Monday. This change could encourage foreign investment in the country. The decision took effect after a 45-day review period by Congress. This period followed President Donald Trump's notification to Congress on July 8. U.S. Secretary of State Marco Rubio said the decision recognized the Syrian government's efforts to distance itself from international terrorism.
Key Details
Syrian Foreign Minister Asaad al-Shibani expressed hope about the removal's impact. He stated it would help reconnect Syria to the global financial system. He noted, "There is no longer any obstacle to investment, doing business and rebuilding economic life in Syria." Syria had been labeled a state sponsor of terrorism since 1979. This classification had kept banks and investors away, even as broader sanctions eased in recent years.
Background
Along with this announcement, the U.S. Treasury revoked the designation of the Nusrah Front as a Specially Designated Global Terrorist organization. After this change, Cuba, Iran, and North Korea remain the only countries on the U.S. terrorism sponsor list. The Treasury stressed that lifting restrictions on Syria does not change its commitment to fighting global terrorism. The U.S. will still hold accountable those seen as bad actors in the region.
This development may boost investment in Syrian markets. Sectors like reconstruction and infrastructure have suffered greatly from years of conflict. Increased foreign investment could lead to a slow recovery of the Syrian economy. Watch for more announcements from the U.S. about this policy and its potential effects on international relations in the region.
Based on reporting by: nbcnews.com, scmp.com