Business council supports Jordan’s aspirations for free trade with GCC
The Jordan Times, Amman
Business council supports Jordan’s aspirations for free trade with GCC
By Omar Obeidat
17 June 2010
AMMAN - The Saudi Jordanian Businessmen Council supported Jordan’s request for a free trade agreement with Gulf states, according to the council’s Chairman Mohammad Al Audah.
On the sidelines of the council’s sixth session of meetings that concluded in Amman Wednesday, Audah told The Jordan Times that the businesspeople will work with officials in the Gulf kingdom to support Jordan request to have stronger economic ties with member states of the Gulf Cooperation Council.
He indicated that there are a total of 253 joint Saudi Jordanian investment projects in Jordan worth of $755 million with 70 per cent of the ventures owned by Saudi businesspeople.
During the meetings, Jordan Chamber of Commerce President Nael Kabariti highlighted Saudi Arabia as Jordan’s first trade partner with commercial exchange reaching around $4.2 billion in 2009, and called on Saudi investors to carry out more investment projects particularly in the industrial and service sectors.
Hatem Halawani, Jordan Chamber of Industry president, indicated that Jordanian industrial exports to Saudi Arabia in 2009 amounted to $560 million that were mainly chemicals, electronics and food products, while Saudi exports to Jordan reached over $3.6 billion, mainly oil derivatives, steel and foodstuff.
“Saudi-made products have started to be available in local markets here,” Halawani said, adding that the majority of production inputs of Jordanian industries come from the Gulf state.
Among the recommendations both sides agreed on was the establishment of a service unit in both countries for companies and investors in addition to removing obstacles, including customs, that affect the flow of products between the neighbouring countries.
They also called on Saudi authorities to exempt products manufactured in factories at the Aqaba Special Economic Zone from customs fees.
Audah stated that among the achievements the joint businessmen council made was allowing the removal of Saudi restrictions used to be imposed on exports of Jordanian vegetables to the Saudi market as of April.
According to Industry and Trade Minister Amer Hadidi, Jordanian exports to Saudi Arabia during the first quarter of this year reached JD120 million, while imports reached JD670 million.
