UAE And Jordan Strengthen Ties With Comprehensive Economic Partnership Agreement Signing
President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Majesty King Abdullah II bin Al-Hussein of Jordan have overseen the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Jordan. This agreement, the first of its kind between the UAE and an Arab nation, aims to enhance trade and investment relations, boost growth in key sectors, create jobs, and strengthen supply chains.
The CEPA was signed during a ceremony at Basman Palace in Amman by Dr. Thani bin Ahmed Al Zeyoudi, UAE's Minister of State for Foreign Trade, and His Excellency Yarub Falah Al-Qudah, Jordan’s Minister of Industry, Trade and Supply. Additionally, an Administrative Cooperation Agreement on Customs Matters was signed by His Excellency Ali bin Hammad Al Shamsi from the UAE and His Excellency Yarub Falah Al-Qudah from Jordan.
His Highness Sheikh Mohamed bin Zayed described the CEPA as a natural extension of strategic ties between the UAE and Jordan. He emphasized that it establishes a solid foundation for further economic cooperation and integration. The agreement is expected to lead to more partnerships and initiate a new era of trade collaboration, contributing to sustainable economic growth for both nations.
King Abdullah II expressed optimism that this agreement would help achieve shared goals for sustainable economic development. He highlighted the potential for new opportunities in economic integration between the two countries. The King also acknowledged the UAE's support for development initiatives in Jordan.
The agreement builds on strong existing economic ties between the UAE and Jordan. In 2023, non-oil trade between them exceeded US$4.2 billion. During the first half of 2024, this figure reached $2.7 billion, marking a 36.8% increase compared to the same period in 2023. Currently, Jordan ranks as the UAE’s third-largest Arab trade partner outside the GCC.
The UAE stands as Jordan’s leading foreign investor with mutual investments estimated at approximately $22.5 billion. By reducing trade barriers on goods and services, CEPA is expected to foster closer ties across various sectors such as renewable energy, industrial projects, manufacturing, transport, pharmaceuticals, and food processing.
Strategic Economic Goals
The UAE’s CEPA programme is integral to its strategy for economic growth by enhancing global trade relations through reduced barriers and improved market access. This initiative aims to facilitate increased private sector collaboration and investment worldwide.
This partnership agreement signifies a significant step towards achieving long-term economic collaboration between the two nations while promoting prosperity throughout the region.
With inputs from WAM
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