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UAE, Jordan to Expand Trade and Investment

ABU DHABI - The UAE-Jordan Joint Economic Ministerial Commission on Thursday agreed to forge cooperation in the fields of economy, trade, investment, industry, agriculture, energy, geology, tourism and communications.

The UAE-Jordan Joint Economic Commission which concluded its first meeting in Abu Dhabi on Thursday also signed three MoUs aimed at enhancing cooperation in the in the area of standardisation and measurements.

The second MoU will encourage exports between the two countries and the third will allow cooperation between the Chambers of Commerce of both countries.

Sultan bin Saeed Al Mansouri, Minister of Economy and Amer Al Hadidi, Jordanian Minister of Trade and Industry, signed the MoUs in the presence of senior officials from both countries.

Al Mansouri appreciated the efforts of the commission and highlighted the importance of the topics discussed, aimed at strengthening economic relations between the two Arab nations.

The UAE will evaluate applications for funding from Jordan to offer loans from the Abu Dhabi Fund for Development, said an official communiqué issued after the two day meeting.

Both parties agreed to exert efforts to increase bilateral trade and agreed to form a follow-up committee to facilitate stronger trade between the countries. They also discussed a proposal for establishing free zones for trade.

Both sides agreed to exchange laws and regulations related to export and imports and update on the status of the markets to help entrepreneurs identify opportunities and enhance the participation of the private sector.

On supporting industries, the UAE-and Jordan agreed to organise field visits to develop the small and medium businesses sector, and to sign an MoU to support this vital sector.

Al Hadidi emphasised the importance of building the economic relations between both countries and termed it as strategic and essential for the national economy.

He welcomed the proposal of establishing a representative office of the UAE in Amman to follow up on the UAE’s investments and projects in 
the kingdom.

The Kingdom will also strengthen agricultural exports.

Both nations also agreed to enhance cooperation in tourism in line with the agreement signed by the two countries in May 2005. They also discussed cooperation in the fields of 
communications.

Non-oil trade exchange between the UAE and Jordan has increased from $390 million in 2003 to $423 million in 2007. — haseebhaider@khaleejtimes.com