ABU DHABI (WAM)
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, affirmed that the UAE, under the directives of its wise leadership, is keen on enhancing constructive cooperation with various countries through its Comprehensive Economic Partnership Agreements (CEPA) programme, which contributes to achieving the nation's economic strategy goals.
Speaking to the Emirates News Agency (WAM) on the occasion of the signing of the Comprehensive Economic Partnership Agreement between the UAE and Jordan, Al Zeyoudi stated that the agreement followed a series of negotiations and coordination meetings held in a short period.
“The agreement will come into effect later this year after its ratification, and will mark the culmination of a long-standing, deep-rooted relationship between the two brotherly countries and their peoples.”
He added that the agreement offers further growth opportunities for businesses, young entrepreneurs, and start-ups in both countries and will boost bilateral trade to exceed $8 billion by 2032, fulfilling the ambitions and interests of the two brotherly nations.
Al Zeyoudi pointed out that non-oil trade between the UAE and Jordan in 2023 surpassed $4.2 billion, registering a 37.9 percent increase compared to 2021 and a 47.7 percent rise since 2019.
Non-oil bilateral trade grew by 138 percent over the past decade, positioning the UAE as the fifth-largest global trading partner of Jordan.
He also highlighted that mutual investments between the UAE and Jordan are estimated at around $22.5 billion, with the UAE being the largest international investor in Jordan. By the end of last year, UAE investments in Jordan exceeded $4 billion, representing 14 percent of the Kingdom's total foreign direct investment.
Al Zeyoudi emphasised that the CEPA between the UAE and Jordan will strengthen bilateral trade and investment relations, accelerate growth in priority sectors, create jobs, enhance supply chains, and boost global competitiveness. Additionally, it will allow both countries to leverage their global trade networks to expand into new markets, delivering mutual benefits.
He noted that the UAE and Jordan share expertise in key sectors such as energy, infrastructure, transport, and finance. Jordan also has a robust industrial base, particularly in the production of phosphate, textiles, and pharmaceuticals.
He explained that promising areas for investment flows between the UAE and Jordan span tourism, hospitality, real estate, renewable energy, transport, logistics, manufacturing, pharmaceuticals, and food security.