UAE-Jordan Trade Agreement to Substantially Increase Economic Cooperation

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According to analysts, the UAE-Jordan trade deal will significantly heighten economic cooperation.


The United Arab Emirates and Jordan have signed a landmark trade agreement this week that is expected to significantly boost bilateral trade between the two countries in the coming decade.


In a step toward further consolidation of bilateral cooperation, President His Highness Sheikh Mohamed bin Zayed Al Nahyan of the UAE and King Abdullah II of Jordan were on hand Monday in Amman to witness the signing of the Comprehensive Economic Partnership Agreement, or CEPA, ministries reported. This was signed by UAE Minister of State for Foreign Trade Dr. Thani Al Zeyoudi and Jordan's Minister of Industry, Trade, and Supply Yarub Al Qudah.


The CEPA increases cooperation across the key economic sectors and, according to both sides, the promises of more than doubling bilateral trade volumes between the UAE and Jordan. "Specifically aimed at bringing the current two-way trade volume of around $3-4 billion to over $8 billion over the next 10 years," officials claim.


The CEPA would provide significantly robust facilitation support to primary industries like tourism, real estate development, and renewable energy in the form of greater access to preferential market opportunities, reduced tariffs and customs on tradeables. In addition, it promotes increased business-to-business relations and partnerships between investors from both sides.


The UAE-Jordan trade agreement happens to be a very timely one, particularly as both countries try to enhance economic growth and diversification. It is a major step forward in institutionalizing trade relations that will open up new joint investment opportunities across all sectors of both economies in the coming period.


The CEPA signing further consolidates the strategic partnership between the UAE and Jordan. It stands as yet another proof that both countries are indeed committed to consolidation regarding regional economic integration and cooperation. Officials stated the project will benefit businesses in each country long into the future and citizens.

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