The comprehensive economic partnership agreement between Jordan and the UAE will stimulate trade exchange between the two countries by increasing the import and export movement, said Khalil Hajj Tawfiq, Chairman of the Jordan and Amman Chambers of Commerce.
Hajj Tawfiq told the Jordan News Agency (Petra) on Monday that the agreement stipulates features that include free zones and reduced rules of origin requirements, in addition to strengthening the intellectual property rights of the private sector in both countries.
Hajj Tawfiq said that the agreement’s focus on the investment aspect, through the establishment of a joint investment council, will contribute to facilitating the establishment of commercial projects in both countries, and removing any procedural or bureaucratic obstacles facing investors.
He underlined the importance of the agreement for the commercial and service sectors, as an unprecedented step with the UAE, which is known for its leadership in digital transformation in various fields.
H
e added that Jordan has many qualified human capital in this field, which enhances the benefits for both parties.
According to the data, the average annual trade volume between Jordan and the UAE between 2019 and 2023 is about $1.5 billion, with this volume reaching its peak in 2022 at $2.4 billion.
The key commodities exchanged include medicines, minerals, dates, clothing, jewelry, food products, meat, vegetables, as well as chemical products, detergents and petroleum derivatives.
The non-oil Intra-trade between Jordan and the UAE grew by 118 percent from 2019 to 2023, boosting Jordan’s share of the UAE’s total non-oil foreign trade with Arab countries to 8 percent, making Jordan the third Arab trading partner of the UAE.
The UAE is Jordan’s fifth global and second Arab trading partner, with a share of 6.2 percent, while Intra-trade grew by 120 percent from 2019 to 2023.
Source: Jordan News Agency
