Jordan Times
Sunday, June 13, 2004
Jordanian, US officials review ties, examine ways to enhance trade and investments
WASHINGTON (Petra) — The Jordan-US Joint Committee, which concluded its second session last Wednesday, reviewed ways to activate the Free Trade Agreement (FTA) signed between the two sides.Officials from both countries discussed in particular the need to accelerate steps aimed at reducing tariffs on Jordanian-made commodities destined for the US market.
The Jordanian delegation, headed by Deputy Prime Minister and Minister of Industry and Trade Mohammad Halaiqa, justified the need for quick reduction on two reasons.
Firstly, the phasing out of quotas on the garment industry under the relevant WTO agreement and, secondly, the new FTAs that the US signed with other countries like Morocco, Bahrain, and Singapore.
Jordan will, however, take advantage of these new FTA agreements as it plans to use production inputs of these countries in its industries.
Halaiqa acquainted the US officials on the progress achieved in fields related to the FTA, including the protection of intellectual property rights and environment. The Jordanian side requested US support in a project to address the environmental problems of the Zarqa basin.
Jordanian and US officials also discussed issues like the certificates of origin, flow of US investments to Jordan and support of the Kingdom's efforts in promoting the investment opportunities available for foreign businesses in the country.
On the sidelines of the joint committee meeting, officials and businessmen announced the establishment of US-Jordan business coalition. The coalition will work to remove trade obstacles between the two sides, enhance political stability, and work for a US-Mideast free trade agreement.
Halaiqa also headed a meeting between Jordanian businessmen and representatives from the US State Department, Jordanian-American Chamber of Trade and major American companies involved in rebuilding Iraq.
During the meeting, Halaiqa shed light on the available opportunities in Jordan concerning the process of rebuilding Iraq and prospects of cooperation between the Jordanian firms and US peers.
Most of the rebuilding work is in the fields of power and energy, water, transportation, electricity, communication and health.
In a related development, the Jordanian embassy organised in Chicago a seminar on investment in Jordan, in which officials from both sides addressed representatives of the US and Jordanian private sectors.
Leading Jordanian and international organisations such as the Aqaba Special Economic Zone Authority, Motorola and Boeing, among others sponsored the event.
Halaiqa briefed the meeting on Jordan's improving macroeconomic indicators. He cited $5 billion in foreign currency reserves, growth in the stock market and expectations of lower unemployment rate this year, down to 10 per cent.