FINANCIAL NEWS

Jordan seeks trade agreement with GCC

29 Sep 2010

(MENAFN) The Jordanian Ministry of Industry and Trade said in a statement that officials from Jordan and Saudi Arabia are to meet in order to converse Jordan’s demand to substitute its unilateral commercial agreements with the Gulf Cooperation Council (GCC) with a free trade agreement (FTA), Jordan Times reported.

The free trade agreement that Jordan is working to realize is intended to improve joint investments and the flow of capital and labor between the Kingdom and the GCC.

The Committee is going to discuss ways to support Jordan’s wish for stronger economic bonds with the GCC, where both parties will examine means to reach an agreement to regulate economic and trade relations and remove probable obstructions.

According to the statement, the committee will study ways to raise Jordanian exports to the Saudi market in addition to discussing cooperation in the fields of health, agriculture, energy, education and media.

Trade exchange between Jordan and Saudi Arabia during the first seven months of 2010 reached $2.54 billion with Jordanian exports reaching $ 344.7 million while imports from the southern neighbor accounted for $ 1.52 billion.

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