ABU DHABI (WAM)
Several UAE ministers and officials have hailed the Comprehensive Economic Partnership Agreement (CEPA) with Jordan as a strategic move to strengthen ties with a key economic and trade partner in the Arab region, highlighting the agreement as a significant leap in cooperation that will benefit both nations by fostering economic growth and prosperity.
The ministers pointed out that the agreement paves the way for new opportunities in vital sectors and facilitates trade and investment flows, boosting collaboration in areas such as industry, energy, agriculture, and food security.
Minister of State for Financial Affairs, Mohamed Hadi Al Hussaini, said that the agreement aims to stimulate bilateral trade and enhance the competitiveness of the business ecosystems in both countries, which are key pillars of their economic visions.
He noted that Jordan, as a fast-growing economy with a strategic location at the heart of the Arab world, is an ideal regional partner for these efforts.
The Minister of Energy and Infrastructure, Suhail bin Mohammed Al Mazrouei, noted, "The CEPA aligns closely with Jordan Energy Strategy for (2020-2030) and supports the development of renewable energy, with 29 percent of Jordan's electricity already coming from solar and wind power."
Minister of Industry and Advanced Technology, Dr. Sultan bin Ahmed Al Jaber, stated that the agreement aligns with the UAE leadership's vision of continuously strengthening cooperation with both regional and international partners in support of sustainable economic and social development efforts.
He also explained that the agreement complements the Industrial Partnership for Sustainable Economic Growth launched in 2022 with Jordan and Egypt, which has since expanded to include more countries.
This partnership offers new investment opportunities and developmental enablers in diverse industrial sectors, including textiles, metals, pharmaceuticals, petrochemicals, among others.
The Minister of Economy, Abdulla bin Touq Al Marri, commented, "This partnership is central to our vision of positioning the UAE as a global economic hub, expanding into new markets, and boosting our competitiveness."
He explained that Jordan is a significant economic and trade partner in these efforts, with its real GDP projected to reach approximately $54 billion in 2024 and expected to grow by three percent over the next five years.
There are numerous opportunities to enhance cooperation in key sectors, particularly the new economy, tourism, renewable energy, financial services, and agriculture.
The Minister of Investment, Mohamed Hassan Alsuwaidi, said, "As the UAE embarks on an ambitious growth agenda focused on strategic investments in high-potential sectors globally, Jordan stands out as a promising partner in areas such as energy, manufacturing, tourism, healthcare, and real estate."
He highlighted that mutual investments between the two countries have exceeded $22.5 billion, reflecting the deep economic, cultural, and social ties that bind Jordan and the UAE.
Minister of Climate Change and the Environment, Dr. Amna bint Abdullah Al Dahak Al Shamsi, explained that the agreement opens doors for strategic investments and joint projects that can support sustainable agriculture, enhance food production, improve land use, and optimise resource consumption.
“It also allows us to create vital value chains that provide more consistent benefits for producers and ensure their products reach new markets across Asia through the UAE's global logistics hubs.”
Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, affirmed that Jordan is a key regional trade partner for the UAE, adding that in 2023, non-oil trade between the two countries exceeded $4.1 billion, marking a 46.1 percent increase compared to pre-pandemic levels in 2019.
Khalifa Shaheen Al Marar, Minister of State, noted, "This agreement enhances bilateral economic cooperation and provides new investment opportunities in energy, manufacturing, agriculture, and transportation."
Ahmed Ali Al Sayegh, Minister of State, stated that CEPA will align the efforts of both nations to achieve sustainable growth and comprehensive development, contributing to greater political and economic stability in the region.
He expressed optimism about exploring new trade and investment opportunities that will bring long-term benefits to both countries and the broader Arab world.
Governor of the Central Bank of the UAE, Khaled Mohamed Balama, said that the CEPA offers new opportunities for financial cooperation, further facilitating the bilateral flow of goods, services and investments, solidifying the UAE’s position as a global hub for business and innovation.
Director-General of Customs at the Federal Authority for Identity, Citizenship, Customs, and Port Security, Ahmed Abdullah bin Lahej Al Falasi, said that the agreement will facilitate increased bilateral trade flows by reducing tariffs, removing trade barriers, and aligning customs procedures, including re-exports, which will boost productivity across all industrial sectors.
“The agreement also supports the national vision to expand foreign trade, contributing to the goal of doubling the size of the UAE's economy by 2031.”
Secretary-General of the Executive Council of Dubai, Abdulla Mohammed Al Basti, highlighted, "The agreement allows Jordanian businesses to tap into global markets through the UAE's advanced infrastructure, while expanding investment opportunities in sectors like tourism and healthcare in Jordan,and supporting the development of vital regional supply chains."