Non-oil trade between the two countries in 2023 exceeded $4.1 billion, an increase of 46.1 percent compared to pre-pandemic levels.
Mutual investment between the UAE and Jordan currently exceeds $22.5 billion and is set to increase significantly following the Comprehensive Economic Partnership Agreement (CEPA).
Following the signing of the agreement, several UAE ministers and officials highlighted the importance of CEPA with Jordan in promoting economic growth, prosperity and cooperation with Jordan. The agreement will pave the way for new opportunities in key sectors, facilitate trade and investment flows, and foster cooperation in key areas such as industry, energy, agriculture and food security.
CEPA supports renewable energy development
Meanwhile, Mohamed Hadi Al Hussaini, Minister of State for Finance, said the UAE-Jordan CEPA aims to stimulate bilateral trade and strengthen the competitiveness of the business ecosystem, which is an important pillar of the economic vision of both countries. He said there was. He noted that Jordan, with its strategic location in the heart of the Arab world and a fast-growing economy, is an ideal regional partner for these efforts.
“CEPA is closely aligned with Jordan’s Energy Strategy 2020-2030 and supports the development of renewable energy, with already 29 percent of Jordan’s electricity coming from solar and wind power. ” said Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure.
Revitalizing the industrial sector
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said the agreement will continue to strengthen cooperation with regional and international partners to support sustainable economic and social development efforts. He said this is in line with the vision of the UAE leadership.
He added that the UAE-Jordan CEPA complements the Industrial Partnership for Sustainable Economic Growth launched in Jordan and Egypt in 2022. Since then, the partnership has expanded to include more countries. It provides new investment opportunities and development enablers for diverse industrial sectors including textiles, metals, pharmaceuticals, petrochemicals, etc.
Jordan’s GDP is expected to increase by 3% over the next five years
Abdullah bin Tuk Al Marri, Minister of Economy, commented on the UAE-Jordan CEPA as follows: “This partnership is at the heart of our vision to position the UAE as a global economic hub, expand into new markets and strengthen our competitiveness.”
Jordan is a key economic and trade partner in these efforts, with real GDP expected to reach approximately $54 billion in 2024 and grow 3% over the next five years. Mr. Al Marri also highlighted numerous opportunities to strengthen cooperation in key areas, particularly the new economy, tourism, renewable energy, financial services and agriculture.
Mohamed Hassan Al-Suwaidi said: “As the UAE embarks on an ambitious growth agenda focused on strategic investments in high-potential sectors around the world, Jordan will “We stand out as a promising partner in these areas,” he added. Minister of Investment.
Read: UAE and Jordan sign CEPA to boost growth in key sectors
Non-oil trade exceeds $4.1 billion
Meanwhile, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, noted that Jordan is an important regional trade partner for the UAE. Non-oil trade between the two countries in 2023 exceeded $4.1 billion, an increase of 46.1% compared to pre-pandemic levels in 2019.
Minister of State Khalifa Shaheen Al Marar added: “This agreement will strengthen bilateral economic cooperation and provide new investment opportunities in energy, manufacturing, agriculture and transport.”
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