There is a wave of peace in the Middle East, what is the direction of the economic structure?

Prior to this, under the mediation of China, Saudi Arabia, a major power in the Middle East, officially resumed diplomatic relations with Iran. Since then, the reconciliation process in the Middle East has been accelerated.

Syria, Turkey, Russia and Iran held four-party talks last month to discuss rebuilding relations between Turkey and Syria.

On May 1, the foreign ministers of Syria, Jordan, Saudi Arabia, Iraq, and Egypt held talks in Amman, the capital of Jordan, to discuss a political solution to the Syrian issue.

Under this wave of reconciliation, Iran, which has supported the Syrian government for many years, began to attach importance to its ties with Syria. Iranian President Raihi arrived in Syria on May 3 for a two-day visit, which was also the first visit by an Iranian president to Syria since 2010.

Political reconciliation will inevitably bring economic recovery. According to the "Tehran Times" report, after Iranian President Rahim arrived in Syria on May 3, Iran and Syria signed 14 agreements and memorandums of understanding, involvingtrade, oil, agriculture, railroadsand other fields. The two countries also signed a long-term strategic comprehensive cooperation agreement, preparing to establish a joint bank and a joint free trade zone.

At the same time, affected by the environment of reconciliation in the Middle East, the Gulf Arab countries led by Saudi Arabia have also changed their hostile attitude towards the Syrian government. At the end of last month, Saudi Foreign Minister Faisal visited Syria, the first visit since the two countries broke off diplomatic relations in 2012.

Before the severance of diplomatic relations, Saudi Arabia was one of Syria's largest trading partners, with trade volume between the two countries reaching .3 billion in 2010. In recent years, with the reopening of the border between Syria and Jordan, trade between Saudi Arabia and Syria has picked up, from less than US0 million before to US6 million in 2021.

The latest forecast released by the International Monetary Fund (IMF) shows that due to the continued impact of the OPEC production reduction agreement and inflation, Middle East oil exporters including Saudi Arabia and Iran will experience slower economic growth this year, and countries will turn more energy to Africa. oil fields.

This also highlights the necessity of cooperation among countries. Whether it is a sanctioned oil-producing country or an oil-importing country, it is a difficult challenge to open up new markets and expand non-oil fields. to contribute to the economic development of the Middle East.

Countries in the Middle East are speeding up the process of reconciliation, one is affected by regional environmental factors, and the other is due to their own development needs. The reconciliation and resumption of diplomatic relations and the further deepening of the cooperative relationship will bring new development opportunities for both parties.