EFTA Amendments Open 'New Horizons' For National Exports - JEBA

(MENAFN- Jordan Times) AMMAN - The Jordanian-European Business Association (JEBA) on Saturday said that signing amendments of the Free Trade Agreement with the European Free Trade Association (EFTA) marks a“strategic” step towards enhancing economic ties with European partners and expanding export opportunities.

JEBA President Ali Murad said that the "updated" agreement, covering Iceland, Liechtenstein, Switzerland and Norway, will contribute to aligning Jordan's trade framework with the latest European and international standards, the Jordan News Agency, Petra, reported.

The amendments also reflect ongoing developments under the Pan-Euro-Mediterranean (PEM) Free Trade Area.

"These updates make the agreement more dynamic and better suited to the needs of modern trade, while creating a supportive legal and commercial environment for investors on both sides," Murad said.

He also highlighted the signing of three additional bilateral agreements with Norway, Switzerland and Iceland in the agricultural sector as evidence of both sides' commitment to boosting specialised trade, particularly in sectors vital to the Kingdom's economy.

The JEBA president stressed that the move will support national efforts to improve access to "advanced" European markets, at a time when increasing exports and diversifying trade partnerships are“key” priorities.

"At JEBA, we look forward to building on these agreements and providing technical and advisory support to help Jordanian businesses seize new trade and investment opportunities and contribute to sustainable economic growth," Murad added.

Jordan's exports to Iceland, Switzerland and Norway reached around JD75 million last year, according to official data, while no exports were recorded to Liechtenstein, according to Petra.

The amendments were signed in Geneva by Jordan's Representative to the UN and the World Trade Organisation (WTO) Akram Harahsheh on behalf of the Jordanian government, along with the ambassadors of the EFTA countries.

The changes aim to modernise the agreement, which originally came into force in September 2002, to promote trade and economic growth while ensuring alignment with updated rules under the PEM framework, Petra reported.

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