Saudi Arabian and Syrian commerce officials have reached an agreement to restore economic partnerships, trade, and investment activities, as reported by the state-run Saudi Press Agency.

This follows a meeting between Hassan Al-Hawaizi, the chairman of the Federation of Saudi Chambers of Commerce, and his Syrian counterpart, Mohammad Al-Lahham, on Monday.

During the meeting, both parties emphasized the importance of organizing reciprocal visits by trade delegations, creating investment opportunities in each other's economies, hosting economic forums, and enhancing bilateral cooperation, according to SPA.

Al-Lahham highlighted the eagerness of Syrian entrepreneurs to enter the Saudi market and acknowledged the improved relations between Saudi Arabia and the Syrian government and the people.

This agreement marks a significant step toward rebuilding economic ties between Saudi Arabia and Syria, opening avenues for increased trade and investment between the two nations. It also reflects a positive shift in the regional dynamics and the willingness of both countries to foster mutually beneficial economic cooperation.

The restoration of economic ties between the two countries comes after the monarchy reapproached the Syrian government after ties were severed 12 years ago, culminating in the Syrian Arab Republic's readmission into the Arab League in May 7. 

The improved ties between the two countries translated into a broader change in the Ministerial Council of the Gulf Cooperation Council's (GCC) relations with Syria as it "affirmed its firm positions toward preserving the territorial integrity of the sisterly Syrian Arab Republic, respecting its independence and sovereignty over its lands," during its 156th session held in the Saudi capital, Riyadh on Sunday.

The Ministerial Council underlined the importance of "continuing and supporting all efforts aimed at helping Syria overcome its crisis, and the need to take practical and effective steps to gradually resolve the Syrian crisis."