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    JBA hails Jordan-UK partnership agreement

    May 5, 2021
    finance & economy

    AMMAN — Jordanian Businessmen Association (JBA) President Hamdi Tabbaa on Tuesday said that the Jordan-UK partnership agreement that has come into force would improve the two countries’ relations, notably the implementation of projects aimed to boost exports.

    In a statement, Tabbaa lauded the Jordan-UK relations, mainly in the economic and trade fields. He noted that the withdrawal of the UK from the EU has affected Jordanian importers, causing them to sustain higher import costs.

    The new agreement offers a preferential treatment, exempting commodities exchanged between the two sides from customs duties, in a way similar to the provisions of the Jordanian-EU agreement in place. It would allow to offset losses and additional costs associated with UK’s withdrawal from the EU, the Jordan News Agency, Petra, reported.

    Reaching an alternative agreement between the two kingdoms is “an appropriate decision”, given the impact of the COVID-19 pandemic on international trade, he said.

    The trade exchange and investments between Jordan and the UK have fallen “far short of aspirations” and do not reflect the real capabilities, he said, noting that Jordan’s exports to the UK in 2020 stood at JD17 million, compared with JD154 million in imports.

    The British investments in the Amman Bourse in 2020 secured the third place, at a volume of nearly JD803 million, he added.

    jordantimes

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