Syaran-Ruvelkan Commercial Trade Agreement
| Commercial Trade Agreement between the Principality of Ruvelka and the Commonality of Syara | |
|---|---|
| Signed | 15 September 2018 |
| Location | Debrecen, Ruvelka |
| Effective | 1 January 2019 |
| Condition | Ratification by both parties |
| Parties | |
The Syaran-Ruvelkan Commercial Trade Agreement was signed by Ruvelka and Syara on 15 September 2018 and came into effect on 1 January 2019.
Following the Zemplen War, tensions remained high between Ruvelka and Syara despite the re-establishment of diplomatic relations in 2011 as dicdated by the Treaty of Debrecen. Following the election of Radovan Kostović in 2016 and Elsa Szekeres in 2013, relations improved as reconciliationist attitudes became more prominent within both governments. High level talks between the two nations began in early 2017 with a focus on fostering a more extensive economic relationship between the two. Prior to 2018 annual trade volume between Ruvelka and Syara was valued at less than $1 billion, rising to $1.6 billion was talk of re-approachment rose. A series of final talks were held in the capital cities of Zovahr and Debrecen.
The treaty focuses on the exchange of resources between Ruvelka and Syara that one nation lacks and the other has in abundance; per Executive Kostović this was intentional and intended to ferment a "bedrock of economic prosperity". Tariffs were specifically lowered on Syaran food products and Ruvelkan raw materials, specifically nickel, cobalt, zinc, copper, and iron. Between 2019-2020 Syaran exports of wheat, barley, rye, corn, and soy rose nearly 1,000%, totally nearly seven million tons in 2020 alone. In exchange Syara purchased nearly $2 billion worth of raw materials from Ruvelka between 2019-2020, including nearly 15 million tons of iron ore . It is estimated that the value of trade between Syara and Ruvelka will reach $26 billion in 2021, more than 2011-2018 combined, although below regional standards of trade between neighboring states.
Since the passing of the agreement, both government's had reaffirmed their intention to retain it following the election of Anita Beleska and Márthe Pryde. The trade agreement has nevertheless been sharply criticized by nationalist groups in both Syara and Ruvelka.