UAE, Jordan Sign Historic Comprehensive Economic Partnership Agreement

The UAE and Jordan have signed a Comprehensive Economic Partnership Agreement (CEPA) to strengthen trade and investment between the two countries. This deal aims to boost key industries, create jobs, and improve supply chains.

The agreement was signed at a ceremony held at Basman Palace in Amman by UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi and Jordan's Minister of Industry, Trade and Supply Yarub Falah Al-Qudah.

The signing was witnessed by UAE President Sheikh Mohamed bin Zayed Al Nahyan and the King of Jordan, Abdullah II. The leaders also witnessed the signing of the Administrative Cooperation Agreement on Customs Matters between both sides.

The agreement was signed on behalf of the UAE by His Excellency Ali bin Hammad Al Shamsi, Chairman of the Federal Authority for Identity, Citizenship, Customs, and Ports Security, and on behalf of Jordan by His Excellency Yarub Falah Al-Qudah, Minister of Industry, Trade and Supply, WAM reported.

Sheikh Mohamed bin Zayed said the CEPA is a natural step in the strong relationship between the UAE and Jordan, as it creates a solid foundation for more cooperation and economic integration, allowing to open doors for more partnerships and long-term trade and investment.

The deal has been built on strong economic ties between the UAE and Jordan. In 2023, non-oil trade between the two countries was over $4.2 billion. In the first half of 2024, it reached $2.7 billion, a 36.8% increase compared to the same time in 2023.

Jordan is the UAE's third-largest Arab trade partner outside of the GCC, and the UAE is the top foreign investor in Jordan, with investments totaling around $22.5 billion.

The CEPA will help strengthen these ties by removing or reducing trade barriers on goods and services. It is expected to create new opportunities in areas like renewable energy, industry, manufacturing, transport, pharmaceuticals, and food processing.

The UAE's CEPA program is a vital part of the country's economic growth strategy. It aims to strengthen and expand trade relationships with countries around the world by lowering trade barriers, improving access to markets and encouraging more collaboration and investment from the private sector.

Last month, both countries signed an Investment Memorandum for cooperation in the railway sector, aiming to enhance skill development, facilitate knowledge exchange, and promote the sharing of technical expertise.