UAE and Jordan look to boost economic ties as trade between countries has thrived in recent years / Maybach
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The UAE and Jordan are looking to boost economic ties amid thriving trade relationship in recent years.
Non-oil trade between the two countries increased by more than 47 per cent in 2022, reaching $4.5bn, more than double the total in 2020 when their trade grew by 106 per cent, and also 57.8 per cent higher than in 2019.
This growth continued in the first half of 2023, with trade flows totalling $2bn.
UAE-Jordan trade
By increasing this trade, Jordan became the UAE’s third leading Arab trade partner in the Gulf Cooperation Council (GCC), following Iraq and Egypt.
Jordan accounted for 8 per cent of the UAE’s non-oil foreign trade with Arab nations.
The UAE is also Jordan’s fifth leading global trading partner and second leading Arab partner after Saudi Arabia, with a share of 6.2 per cent of Jordan’s foreign trade with the world.
The UAE is Jordan’s top foreign investor, with its investments in the kingdom amounting to around $4bn by 2020, accounting for 14 per cent of Jordan’s total foreign direct investment (FDI) inflows.
In 2021, Jordan invested more than $1.6bn in the UAE, making it one of the country’s 24 key investing countries and the sixth among Arab nations after Saudi Arabia, Kuwait, Lebanon, Bahrain, and Qatar.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Bisher Khasawneh, Prime Minister of Jordan, discussed ways of enhancing trade and investment relations between the UAE and Jordan to stimulate joint economic growth and create more opportunities for cooperation between their business communities and private sectors.
This came as Prime Minister Khasawneh received Dr. Al Zeyoudi in Amman, Jordan, in the presence of Yousef Mahmoud Al Shamali, Minister of Industry, Trade and Supply of Jordan.
During the meeting, Khasawneh highlighted the close ties between the two countries and expressed his support for the UAE as the host of the 13th World Trade Organisation Ministerial Conference, which will take place in Abu Dhabi in February 2024, with the attendance of ministers and officials from 164 members of the organisation.
He also confirmed Jordan’s high-level participation in the conference.
He commended the UAE for successfully hosting the 28th United Nations Climate Change Conference (COP28) in November 2023, which launched many significant initiatives.
Al Zeyoudi said the UAE and Jordan have a joint aspiration to develop future-oriented economies driven by innovation, knowledge, and the unhindered exchange of trade and investment.
They are keen to enhance their bilateral ties to higher degrees of cooperation and mutual prosperity.
The frequent meetings and close friendship between President Sheikh Mohamed bin Zayed Al Nahyan, and King Abdullah II bin Al Hussein, have enhanced the close relations between the two nations and their strategic collaboration to support their future goals of attaining sustainable growth and well-being, and the hopes of their two friendly peoples for a more prosperous and advanced future, he added.
Al Zeyoudi said: “There is a mutual will to build on the commercial and investment momentum between the two countries, to improve their relations and create more opportunities for their business communities”.
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