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Dubai Chamber says Jordan is a potential market for UAE

posted on 11/09/2006: 2165 views

The Dubai Chamber of Commerce and Industry (DCCI) said that Jordan is a potential market for the UAE, and the UAE could win a good chunk of Saudi Arabia's trade with Jordan.

"Jordan could be a potential market for the UAE's commodities and exports. UAE investors can benefit from the investment and trade opportunities offered by the Jordanian authorities," said a recent DCCI report. "The UAE can increase its exports to Jordan and grab an important share of Saudi exports to Jordan," added the report.

Jordan and the Gulf Cooperation Council (GCC) are negotiating a free trade agreement (FTA) covering all commercial services and agricultural products as well as the movement of individuals working in construction, insurance and banking.

DCCI figures show that Jordan's foreign trade with GCC countries increased by 81 per cent in 2004, mainly due to a 130 per cent rise in imports.

The UAE's share was 12.5 per cent of Jordan's trade with GCC countries. Jordan signed the Euro- Mediterranean Partnership Agreement in 2000, and joined the WTO the same year.

Jordan signed an FTA with the United States, which stipulated the removal of tariffs between the two countries in all fields including trade in services .It also has a free trade agreement with the EU.

The Jordanian economy grew by 7.2 per cent in 2005 to US$12.86 billion, and GDP per capita increased by 8.3 per cent. Inflation stood at 3.4 per cent. The fastest growing sectors in 2005 were manufacturing, construction, wholesale and retail, electricity and water and financial and real estate. Jordan's economy chiefly depends on the services sector, which represented 67 per cent of the total economy in 2005. (Gulf News)


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