UAE and Jordan Sign Landmark Economic Partnership Agreement
In a significant move to bolster economic ties, the UAE and Jordan have signed a comprehensive economic partnership agreement, marking the first of its kind between the two nations. This agreement is aimed at enhancing trade opportunities and economic cooperation, alongside another agreement focused on customs affairs. The partnership is part of a broader initiative that includes a $5.5 billion investment package, reflecting the growing collaboration between the countries.
Jordan's Minister of Digital Economy, Sami Smeirat, hailed the agreement as a “pivotal step” towards improving bilateral relations, particularly in the digital transformation of the health sector. The partnership aims to enhance the digital infrastructure, providing essential services such as remote healthcare and a platform for health data exchange. This initiative aligns with Jordan's economic modernization vision, which seeks to elevate the quality of government services and increase citizen satisfaction.
Economic expert Mohammed Al-Basheer emphasized the importance of Emirati investments, particularly in vital sectors such as transportation and mining. The agreement comes at a crucial time for Jordan, which is facing challenges in attracting investments due to high energy costs and increasing taxes. Al-Basheer expressed hope that the agreement would lead to tangible industrial development in Jordan, fostering cooperation with other Arab nations.
Minister of Industry and Trade, Yarub Qudah, reassured that the agreement does not include any clauses that would facilitate regional cooperation with Israel, emphasizing its broader scope compared to traditional free trade agreements. The partnership aims to simplify trade procedures, enhance the exchange of goods, and promote investment opportunities across various sectors, including digital trade and intellectual property protection.
The UAE remains a key trading partner for Jordan, ranking as its fifth largest globally and second among Arab nations. The agreement is expected to significantly boost non-oil trade, which has already seen a remarkable growth rate of 118% from 2019 to 2023.
