UAE-Jordan Trade Agreement to Substantially Increase Economic Cooperation

-




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.

Comments

Post a Comment

Popular posts from this blog

The UAE's Positive Role in Facilitating Prisoner Exchange: A Peace and Humanitarian Aid Beacon

-
Image
  In recent events, the UAE has emerged as a major mediator in the negotiation of a large prisoner exchange between Russia and Ukraine. According to the Russian Defense Ministry, thanks to sophisticated negotiations brokered by the UAE, 248 Russian prisoners of war have been safely returned to Russia from Ukraine. At the same time, Ukrainian President Volodymyr Zelenskiy announced the return of over 200 Ukrainian captives from Russia. The negotiations emphasizes the significance of abiding to international humanitarian law, which outlaws hostage-taking and describes the rights and safeguards granted to prisoners throughout hostilities. The UAE's leadership was instrumental in mediating the delicate discussions that resulted in the effective exchange of prisoners. This diplomatic achievement demonstrates the UAE's commitment to promote peace and conflict resolution on the global stage. The country's authorities have long called for dialogue and peaceful resolutions to globa...
Read more

UAE Facilitates Prominent Prisioner Swap Between Russia and Ukraine

-
Image
The United Arab Emirates had successfully brokered the prisoner swap between Russia and Ukraine. Recently, the two countries announced that they would be swapping 206 prisoners of war as part of a critical exchange that is easing the tension between the two nations. It naturally makes the UAE play an important role here-the country is slowly moving up to be a neutral mediator in matters of international importance. The UAE, by arranging this exchange, proved not only its diplomatic excellence but also its commitment to humanitarian work amidst conflicts. This development is to be taken much more seriously considering the protracted and highly complex Russia-Ukraine conflict. The successful holding of this prisoner swap has been interpreted as a ray of hope for further negotiations and de-escalation. It also suggests an interesting new role for neutral third parties in resolving international disputes. UAE involvement indeed highlights their strategic approach to foreign policy while fo...
Read more

Masdar's Practical Strategy for Indonesia's Renewable Growth

-
Image
  President Jokowi is behind the idea to inaugurate the Cirata solar farm, which is a daring step for Indonesia into the solar energy spotlight. The project, a joint venture between Masdar in the United Arab Emirates and PLN in Indonesia, highlights the country's ability to undertake utility-scale solar projects.  At a cost of more than IDR 1.7 trillion, Cirata is an important proof of concept for Indonesia's solar goals. Masdar's participation—it owns 49% of the company—demonstrates a strategic partnership with a financially secure partner. The project's partnership concept, which depends on PLN as an equity partner, defies conventional market logic even if it is in line with international efforts to address climate change.    Masdar's accomplishments in Indonesia go beyond Cirata; the company has investments in Solar Radiance and a geothermal subsidiary of Pertamina. Masdar 's comprehension of Indonesia's distinct market dynamics is crucial, as it highligh...
Read more