(MENAFN- Jordan News Agency)
Amman, May 26 (Petra) – Member of the Board of Directors of the Jordan Europe Business Association (JEBA), Muhammad Smadi, underscored the need to fortify trade and
investment ties between Jordan and the European countries. He highlighted the importance of leveraging the benefits of the Simplification of the Rules of Origin with the EU agreement.
In a statement on Sunday, Smadi emphasized that the upcoming first business forum between Jordan and the European Union (EU) on June 11 presents a pivotal opportunity to explore new avenues for investment and trade.
Despite the potential, Jordanian exports to the EU remain modest, constituting less than 5 percent of the Kingdom's total exports last year. Smadi revealed that national exports to the EU were valued at just JD409 million, in stark contrast to imports exceeding JD2.8 billion.
Smadi also noted that the impact of the Simplification of the Rules of Origin agreement has been limited. Over 20 Jordanian industrial companies have yet to benefit from exporting to EU markets under this agreement, despite more than eight years since its amendments took effect.
The forthcoming European-Jordanian business forum aims to address these challenges, focusing on increasing and diversifying national exports to European markets. Discussions will center on the modest utilization of the simplification agreement and developing solutions to ensure equitable and mutually beneficial trade relations, he said.
As chair of the forum's third session, which will explore export opportunities to the EU, Smadi stressed the importance of maximizing the forum's potential to enhance Jordan's export capabilities. He highlighted Jordan's stability and attractive business environment, which is supported by transparent systems and enticing incentives.
Smadi called on businessmen to participate in the European-Jordanian business forum, encouraging them to explore strategies to unlock the full potential of Jordan's exports to the European market, fostering economic growth and partnership opportunities.
In late 2018, the EU announced additional facilitations under the rules of origin simplification agreement, initially signed and activated in 2016. The agreement now encompasses all factories in Jordan, not just the 18 specialized industrial zones, and has been extended to 2030 instead of 2026, enhancing the prospects for Jordanian exports to European markets.
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