U.S.-Syria Business Council Launches in Washington, D.C.
Council Convenes First-Ever High-Level Syria Banking Roundtable
WASHINGTON, June 25, 2025 /PRNewswire/ -- In a landmark step toward rebuilding bilateral commercial and financial ties between the United States and Syria, the U.S.–Syria Business Council (USSBC) has officially launched operations as an independent, nonprofit trade association based in Washington, D.C. The Council's formation comes at a pivotal moment following a high-level meeting between U.S. President Donald J. Trump and Syrian interim President Ahmed Al-Sharaa, during which the White House announced the beginning of sanctions relief and signaled a renewed commitment to constructive engagement.
On the occasion of the Council's historic launch, His Excellency Dr. Nedal Alchaar, Minister of Economy and Industry, stated: 'At a time when we are witnessing remarkable global transformations, we must appreciate and respect the noble stance of the United States of America toward Syria. Syria, which has endured so much due to empty positions and misleading slogans, is now ready to rise from the rubble and return once again as an active partner in building a promising and dignified civilization, just as it has been for thousands of years.'
In the days following its establishment, the USSBC convened a landmark banking roundtable, gathering senior representatives from over 15 major U.S. and international financial institutions, five of Syria's leading private banks, the Central Bank of Syria, and officials from the United States, United Kingdom, European Union, and United Nations. The session served as a rare and timely forum to begin rebuilding institutional trust and explore pathways for financial reconnection.
'This roundtable marked an important and necessary first step in reopening dialogue between both sides,' said Sameer Saboungi, Attorney, Policy Expert, and Founding Member of the USSBC. 'It lays the groundwork for restoring confidence in Syria's banking sector, re-establishing correspondent ties, and enabling the responsible flow of capital.'
The USSBC expresses its sincere appreciation to the teams at Foley Hoag LLP and Clifford Chance LLP, as well as Stephen Fallon of DBM Consulting, for their support in organizing the roundtable.
With a mission to accelerate trade, facilitate scientific and professional exchange, and support cross-border investment, the Council will focus on sectors vital to Syria's reconstruction and U.S. global growth. Planned activities include trade missions, investment forums, export-import advisory, and tailored market guidance for companies seeking to operate across either economy.
The Council is led by a Board of Directors and Advisory Board composed of influential leaders in law, finance, technology, and business. Founding members, thus far, include:
'The USSBC is proud to support U.S. companies investing in Syria's recovery and growth. As the first American firm to enter the Syrian telecom sector by launching 4G and 5G services in Northern Syria through FSN Telecom, we understand such ventures exemplify the kind of forward-looking engagement the Council aims to foster,' said Jay Salkini, Founder and CEO of Tecore, and Founding Member of the USSBC. 'We hope this milestone sets the stage for deeper, long-term economic ties between Syria and the United States—grounded in mutual prosperity and opportunity for years to come.'
Issam Ghreiwati, President of the Damascus Chamber of Commerce and Founding Member of the USSBC, emphasized that 'the Council represents a promising economic platform to support Syria's rebuilding phase and will contribute to establishing a solid economic and trade partnership between Damascus and Washington'.
The USSBC invites businesses, investors, and institutions to collaborate in shaping this new chapter of U.S.–Syria economic cooperation. As a trusted platform for knowledge exchange, strategic insight, and sector-specific collaboration, the Council is committed to empowering stakeholders in both countries to unlock long-term economic potential.
To learn more or explore opportunities for involvement, please contact:
[email protected]
www.ussyriabc.org
About the U.S.–Syria Business Council
The U.S.–Syria Business Council (USSBC) is an independent, nonprofit organization based in Washington, D.C., dedicated to fostering bilateral trade, enhancing scientific and professional exchange, and guiding investment between the United States and Syria. Through strategic advisory, targeted initiatives, and cross-border collaboration, the USSBC serves as a trusted platform for empowering U.S. and Syrian businesses to thrive in both markets.
Media Inquiries:
[email protected]
View original content to download multimedia: https://www.prnewswire.com/news-releases/ussyria-business-council-launches-in-washington-dc-302490360.html
SOURCE U.S.-Syria Business Council
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
USA Today
16 minutes ago
- USA Today
NATO commits to higher spending sought by Trump and mutual defense
While Trump got what he wanted at the brief NATO summit, his allies will be relieved he committed to the fundamental principle of collective defense. THE HAGUE, June 25 (Reuters) - NATO leaders on June 25 backed the big increase in defense spending that President Donald Trump had demanded, and restated their commitment to defend each other from attack. While Trump got what he wanted at the brief summit, tailor-made for him, his NATO allies will be relieved that he committed to the fundamental principle of collective defense after less clear-cut language on June 24. In a five-point statement, NATO endorsed a higher defence spending goal of 5% of GDP by 2035 - a response not only to Trump but also to Europeans' fears that Russia poses a growing threat to their security following the 2022 invasion of Ukraine. More: Israel-Iran ceasefire seems to hold as Trump lands in Europe for NATO summit The 32 allies' brief communique added: "We reaffirm our ironclad commitment to collective defense as enshrined in Article 5 of the Washington Treaty – that an attack on one is an attack on all." Asked to clarify his own stance on Article 5, Trump said: "I stand with it. That's why I'm here. If I didn't stand with it, I wouldn't be here." Macron brings up trade war at NATO summit Trump had long demanded in no uncertain terms that for other countries step up their spending on defense to reduce NATO's heavy reliance on the U.S. Despite an appearance of general agreement, French President Emmanuel Macron raised the issue of the steep import tariffs threatened by Trump, and the damage they may do to transatlantic trade, as a barrier to increased defense spending. More: Can Trump pull off peace plans, trade deals at the G7? What to know about the summit "You cannot come to us as allies and ask that we spend more, tell us we will spend more at NATO - and do a trade war. It's an aberration," he told reporters. NATO Secretary General Mark Rutte, who hosted the summit in his home city of The Hague, said NATO would emerge as a 'stronger, fairer and more lethal' alliance. He had earlier acknowledged that it was not easy for European countries and Canada to find the extra money, but said it was vital to do so. "There is absolute conviction with my colleagues at the table that, given this threat from the Russians, given the international security situation, there is no alternative," the former Dutch prime minister told reporters in his home city of The Hague. The new spending target - to be achieved over the next 10 years - is a jump worth hundreds of billions of dollars a year from the current goal of 2% of GDP, although it will be measured differently. Countries would spend 3.5% of GDP on core defence - such as troops and weapons - and 1.5% on broader defence-related measures such as cyber security, protecting pipelines and adapting roads and bridges to handle heavy military vehicles. All NATO members have backed a statement enshrining the target, although Spain declared it does not need to meet the goal and can meet its commitments by spending much less. More: Trump says US strike impaired Iran's nukes. What does Pentagon say? Live updates Rutte disputes that but accepted a diplomatic fudge with Spanish Prime Minister Pedro Sanchez as part of his efforts to give Trump a diplomatic victory and make the summit go smoothly. Spain said on June 25 that it did not expect its stance to have any repercussions. Trump meets Zelenskyy after summit Rutte kept the summit and its final statement short and focused on the spending pledge to try to avert any friction with Trump. Ukrainian President Volodymyr Zelenskyy had to settle for attending the pre-summit June 24 dinner rather than the main meeting on June 25, although he met Trump separately after the conference ended. The Kremlin on June 24 accused NATO of being on a path of rampant militarization and portraying Russia as a "fiend of hell" in order to justify its big increase in defense spending.
Yahoo
16 minutes ago
- Yahoo
Why gasoline prices aren't tumbling along with sinking oil
Oil futures tumbled again Tuesday on hopes that the shaky ceasefire between Israel and Iran would reduce if not eliminate the risk any significant disruption to global energy markets. Gasoline futures fell, too. So when will you notice prices falling at the pump? It may be a while. Because gas prices didn't shoot significantly higher over the past two weeks after Israel and Iran began their recent hostilities, you probably won't notice any big savings anytime soon. The national average gasoline price stood at $3.12 on June 10 according to AAA, just before oil and gasoline prices started their climb on rising concerns about a conflict in the days before the fighting started between Israel and Iran. The so-called New York harbor prices for gasoline futures closed at a wholesale price of only $2.09. A barrel of Brent crude, the global benchmark for oil closed at $66.60 that day. Both wholesale gasoline and oil futures stared rising steadily June 11 and continued to climb through the early hours of trading this past Sunday night, after the US bombing of nuclear sites in Iran raised fears of a broader conflict. Brent Crude futures briefly topped $80 a barrel late Sunday. But throughout the day Monday as those fears of a wider conflict retreated and hopes for a cease fire increased, the price of oil started falling sharply. Oil Monday closed down 7% at $70.65 a barrel, while a so-called New York harbor prices for gasoline futures fell about 5% to a wholesale price of $2.22 a gallon. And the wholesale prices fell another 5% in midday trading Tuesday to a $2.09 price, essentially matching the price before the recent run-up. The AAA average retail price for a gallon of regular gasoline stood Monday at $3.22, based on a survey of gas stations conducted on Sunday, and it remains there in Tuesday's reading. But that means there was only a 3% rise in pump prices from June 10 to today's level, so there's not a lot of room for prices to fall to go back to pre-conflict levels. Tom Kloza, an independent oil and gasoline price expert, said he could see prices starting to decline a little bit in the coming days as stations take deliveries of cheaper wholesale gas. The seasonal pick-up in summer driving will stop prices from falling significantly in the coming weeks, he believes. But he does think that a glut of oil on global markets and strong US refining capacity could send prices down sharply through the rest of this year once the peak July demand wanes. 'It looks like we're well supplied, and that's bearish for prices,' he said. The strong supply has little to do with President Donald Trump's 'drill, baby, drill' call to increase production. Overall US production is roughly unchanged from this time last year and it's not likely to increase significantly at the current prices, Kloza said, especially with 50% tariffs on imported steel raising the cost of the pipes used in oil exploration. The price of oil futures did not spike as high as during some past global incidents, such as Russia's attack on Ukraine and the imposition of sanctions on Russia by western nations that followed. In that case Brent prices soared 44% from early January 2022 through early March of that year. But Kloza said there isn't as much speculative money in oil futures markets as there used to driving up prices in reaction to external events. 'That money is much more likely to go into crypto and to go into big tech today,' he said. 'There's only so much money to go around.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
17 minutes ago
- Bloomberg
S&P 500 Is a Whisker Away From Record Ahead of Powell Remarks
US stocks edged higher on Wednesday following an all-time closing high for the Nasdaq 100 Index as Wall Street readied for a second day of testimony from Federal Reserve Chair Jerome Powell before lawmakers. The S&P 500 Index was up 0.3% as of 9:43 a.m. in New York, while the technology-heavy Nasdaq 100 climbed 0.6%, extending its record run. The milestone was reached as a combination of robust fundamentals and easing geopolitical tensions boosted the appeal of the growth-focused gauge.
