The Euro-Mediterranean Association Agreement signed between Jordan and the European Union (EU) in 1997 has entered into force on May 1, 2002. Under the terms of the agreement, Jordan's industrial exports will now on enter duty-free into the 15 member markets of the EU.
The pact provides for the creation of a free trade area between the EU and Jordan within 12 years’ time, which will enable Jordan's industries to adjust and restructure for heightened competition.
The partnership agreement comes under the framework of the Barcelona process launched in 1995, between the EU and 12 Mediterranean partners, aiming to establish a comprehensive framework for political, economic and financial co-operation.
The Agreement is especially significant for trade relations between the Hashemite Kingdom and the EU. The Kingdom's exports to the EU in 2001 amounted to 47 million Jordanian dinars ($56 million) compared to JD30 million in the same period of the previous year. Jordan's imports from the EU rose to JD990 million in 2001, compared to JD953 million in 2000. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
