ALBAWABA - On Sunday, His Majesty King Abdullah II of Jordan and His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, witnessed the signing of a pivotal Comprehensive Economic Partnership Agreement (CEPA) and a Customs Cooperation Agreement between the two countries, local Jordan Times reports.
This landmark agreement aims to strengthen economic cooperation, trade, and investment, with the ultimate goal of better integrating the economies of Jordan and the United Arab Emirates with those of the global market.
By eliminating trade obstacles, promoting smooth access to markets, and encouraging cooperation, the CEPA intends to make it feasible for products to be traded more freely, with focus on the pharmaceutical industry. In addition, the agreement encompasses a broad range of service industries, with over 120 sub-sectors being liberalized in order to foster innovative investment possibilities and increase competitiveness.
In addition, a cooperative investment council will be established to promote joint ventures between the corporate sectors of the two nations, focusing on important industries including real estate, tourism, renewable energy, and food security.
The alliance hopes to use this framework to significantly increase their present $22.5 billion worth of bilateral investments, which includes the $4 billion direct investment made in Jordan by the UAE. With bilateral commerce predicted to increase from $4.2 billion in 2023 to an estimated $8 billion by 2032 as a result of this strategic cooperation, according to Arab News.
Following signing the CEPA with Jordan, UAE Minister of State for Foreign Trade Thani bin Ahmed Al-Zeyoudi told WAM “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.”
