Jordan Times
Wednesday, July 28, 2004
Ambassadors' forum focuses on benefits of FTAs
DEAD SEA (Petra) — Ambassadors meeting at the
Dead Sea on Tuesday discussed the role of Jordanian embassies in maximising the
Kingdom's benefits from its trade agreements with other nations and
organisations.
Ministry of Industry and Trade Secretary General Farouk Hadidi said Jordan has
become a pioneering nation in the area of economic openness, following its
conclusion of agreements that helped it win a unique position at the regional
and global levels, particularly after signing a free trade agreement with the
US, which has opened the world's largest market for Jordanian exports.
The country's economic policy has now opened 65 global markets for local
products, said Hadidi, who noted that exports from the Qualified Industrial
Zones to the US amounted to $700 million last year.
Azzam Shuweihat, president of the Jordanian American Businessmen Association,
told the audience that the purpose of the meeting was to promote national
exports and attract foreign investment.
Jordanian European Businessmen Association President Basem Farraj said the
private sector has not yet benefited fully from the Jordanian-European Free
Trade Agreement. This was largely due to strict European rules concerning
specifications and standards, a problem that could be solved through the efforts
of the appropriate embassies, he added.
Jumaa Abu Hakmeh, head of the Amman Chamber of Industry, reviewed obstacles to
the inter-Arab trade, noting that some Arab states impose administrative
restrictions and place strict specifications that tend to impede free trade
among the Arab countries.
Foreign Minister Marwan Muasher told the envoys his ministry has implemented
specific mechanisms and created a joint public-private consultative unit to
assist the embassies in their quest to attract investment and market Jordan
globally.
One of the unit's duties is the publication and distribution of an economic
periodical to embassies, supplying them with up-to-date information and data on
the national economy.
Deputy Prime Minister Mohammad Halaiqa reviewed Jordan's economic openness to
world markets since 1995 and highlighted the Free Trade Agreements concluded
with other nations and organisations that have helped boost the national
economy, which is expected to achieve 5.5 per cent economic growth in 2004.
He said the Central Bank of Jordan's reserves now stand at $5 billion compared
to$2 billion in 1999.
However, exports to Europe are currently at a low level — around $100 million
annually compared to $1.3 billion worth of European exports to the Kingdom.
On the sidelines of the forum meetings, the Foreign Ministry and the Jordan
Investment Board (JIB) signed a memorandum of understanding (MoU) on cooperation
in attracting investment to the country.
The MoU stipulates that embassies conduct a campaign to market Jordan abroad
while the JIB will train staff and recruit embassy attache's to attract
investments and strengthen the Kingdom's trade links with other countries.
During the evening session, Minister of Justice and Minister of State for
Cabinet Affairs Salah Bashir briefed the gathering on the development of the
judicial system, expected to positively reflect on the country's investment
climate.
Moreover, Labour Minister Amjad Majali and Minister of State and Government
Spokesperson Asma Khader highlighted efforts in their respective fields to
develop the labour market and the media sector amid present challenges and
global developments.