His Majesty King Abdullah II and His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates, attended on Sunday the signing of the Comprehensive Economic Partnership Agreement and the Customs Cooperation and Mutual Administrative Assistance Agreement between the governments of the two countries.
The Comprehensive Economic Partnership Agreement between Jordan and the UAE aims to enhance investment and trade opportunities and economic cooperation in multiple fields, effectively linking the two countries with global markets. It includes:
Trade in goods:
Focused on promoting free trade between the two countries by removing unnecessary trade barriers, establishing strong and flexible rules to facilitate the access of goods in an open and non-discriminatory trade environment, and promoting partnership in the pharmaceutical sector.
Trade in Services:
The agreement stipulates the liberalization and development of service sectors to enhance competitiveness through the removal of restr
ictions for many sectors; 11 service sectors and more than 120 sub-sectors are covered, allowing for greater investment opportunities.
Investment:
Focused on establishing a joint investment council to promote and facilitate the establishment of joint investment projects between the business communities of the two countries.
Trade facilitation:
It stipulates the implementation of a customs risk management system and e-connectivity, which increases the efficiency of border and customs procedures and reduces non-tariff barriers.
Sanitary and phytosanitary:
It affirmed the promotion of SPS equivalence between the two countries, through mutual recognition and scientific risk assessment to ensure the protection of humans, plants and animals, and the adoption of urgent measures in cases of health emergencies.
Technical barriers to trade:
It provides for the simplification of trade between Jordan and the UAE through the mutual recognition of certificates of conformity and the standardization of technical stan
dards in accordance with international standards, which facilitates the entry of goods and removes technical barriers between the two countries.
Digital trade:
Focused on strengthening areas of cooperation in digital trade and data protection.
Intellectual Property Rights:
It stipulates strengthening the protection of intellectual property rights to support innovation, trade and investment between the two countries, and adherence to the highest international standards.
Administration of the agreement:
It stipulates thr formation of a joint ministerial committee chaired by the ministers of commerce from Jordan and the UAE, and the establishment of sub-committees on trade in goods, small and medium enterprises, and economic cooperation.
Source: Jordan News Agency