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    Jordan-UK trade agreement hoped to ensure fair trade: industrialists

    May 4, 2021
    finance & economy

    Amman, May 3 (Petra) -- A Jordan-UK trade agreement which came into effect at the start of this month is hoped to ensure fair dealings and more balanced trade exchange, which still tilts heavily in favor of the UK, according to industrialists.

    They told Petra that the Jordan-UK Association Agreement, which was signed in November 2019, was subsequently ratified by both governments and came into force on May 1 this year as it secures continued preferential trade for British and Jordanian businesses and consumers helping to boost vital trade and investment.

    The deal, which was necessitated by Britain's exit from the European Union, gives reciprocal exemptions from customs duties, similar to those applied under the Jordan-EU Association Agreement.

    Deputy President of the Amman Chamber of Commerce, Nabil Khatib, said that the agreement would cement economic cooperation between the nations and facilitate two-way trade, stressing that the deal will help ensure a fair trade balance.

    President of the British Jordanian Society Moamen Hadidi indicated that Jordan will be the biggest beneficiary of the agreement, given that Jordanian exports to Britain are modest compared to imports from the UK.

    In turn, President of the Jordan Europe Business Association (JEBA), Jamal Badran, stressed that the agreement is important for Jordanian traders and also grants industrial companies the right to export to Britain.

    Economist Moussa Saket pointed out that Jordan-UK trade is $200 million in favor of the latter, while Jordanian exports to the UK market are still at a modest $24 million, emphasizing that the true partnership between the two countries requires closer private sector engagement.

    Noteworthy, mechanical power generators, vegetables, raw metals, clothing and general industrial machinery are among Jordan's most important exports to Britain, while imports include general industrial machinery, mechanical power generators, cars, and medical and pharmaceutical products.

    petra

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