UAE and Jordan Sign Comprehensive Economic Partnership Agreement to Boost Trade and Investment
Amman [Jordan], October 6: UAE President Sheikh Mohammed bin Zayed Al Nahyan and King Abdullah II bin Al Hussein of the Hashemite Kingdom of Jordan today signed the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Jordan.
The first CEPA agreement signed between the United Arab Emirates and Arab countries is aimed at strengthening bilateral trade, deepening investor relations, growth of priority industries, job creation and strengthening of distributed supply chains.
The agreement was signed by Minister of Foreign Affairs Dr. Thani bin Ahmed Al Zayudi and Jordan’s Minister of Industry, Trade and Supply, Yaroub Falah Al-Qudah, at a ceremony held at Basman Palace in Amman.
Al Nahyan and King Abdullah II signed the Administrative Cooperation Agreement in Customs Matters between the United Arab Emirates and Jordan. Ali bin Hammad Al Shamsi, Chairman of the Federal Authority for Identity, Citizenship, Customs and Port Security, signed on behalf of the United Arab Emirates, and Yaroub Falah Al-Qudah, Minister of Industry, Trade and Industry, on behalf of Jordan. supply.
Sheikh Mohammed bin Zayed welcomed the CEPA as a natural progression of UAE-Jordanian strategic relations, noting that it lays a strong foundation for enhancing cooperation and economic integration between the two countries. It also paves the way for building more fruitful partnerships, ushering in a new phase of long-term trade and investment cooperation, contributing to sustainable economic growth for both countries, and fostering prosperity across the region.
King Abdullah II said the agreement would be shared to open up new opportunities for economic integration between the two countries, with a public vision of sustainable economic growth and prosperity. He also praised the UAE’s support for development efforts in Jordan.
The agreement builds strong UAE-Jordan economic ties, with non-oil trade reaching USD4.2 billion by 2023. In the first half of 2024, non-oil trade between the two countries reflects a growth of USD2.7 billion. 36.8 percent compared to the same period in 2023. Jordan is currently the UAE’s third largest Arab trading partner outside the GCC. Meanwhile, the UAE is Jordan’s top foreign investor, with mutual investment between the two countries estimated at approximately USD22.5 billion.
By eliminating or reducing trade restrictions and tariffs on goods and services, CEPA is expected to create even closer ties and foster opportunities in many sectors, including renewable energy, industrial projects, manufacturing, transportation, pharmaceuticals and food processing.
The UAE’s CEPA program is a key pillar of the country’s economic development strategy aimed at deepening and expanding trade relations with countries around the world through lowering barriers to trade, improving market access and facilitating increased private sector cooperation and investment.