Jordan Times
Thursday, August 26, 1999
Jordan, Syria agree to set up joint free trade
zone
By Saad G. Hattar
AMMAN — Jordan and Syria has agreed to set up a joint free trade zone on the border between the two countries with a capital of nearly $12 million.
Director General of the Free Trade Zone Corporation Ali Madadha said the joint trade zone with Syria was bound to boost economic ties between the two countries.
With an area of 6,000 dunums on both sides of the borderline, the zone was recommended on Aug. 4 by the Joint Jordanian-Syrian Higher Committee.
Madadha was quoted by the Arabic daily Al-Aswaq as saying both countries have removed mine fields near the borders and built a new road leading to the site.
The joint committee, which convened in Amman early in August for the first time since 1989, signed a trade agreement under which 200 products were exempted from customs. It was the largest list that Jordan ever signed with another country.
Jordan has sealed free trade zone agreements with several Arab countries such as Egypt, Morocco, Yemen and Tunis to pave the way for a common Arab free trade zone.
This zone is seen as the most viable substitute for the long-sought common Arab market, a project mulled in the 1950s but never saw the light due to ideological and political differences.
The zone between Jordan and Syria had been envisaged by the first trade agreement signed between the two countries in 1975.
Official statistics show exports to Syria fell by 18 per cent to $29.3 million last year, while imports fell by 48 per cent to $42.9 million.
Both countries expressed their keenness to boost bilateral trade in light of improved relations following four years of soured ties.
Official sources said Minister of Trade and Industry Mohammad Asfour is to attend the inauguration of the Damascus International Trade Fair towards the end of August.
A delegation of Jordanian businessmen led by President of the Federation of the Chambers of Commerce Haidar Murad is also scheduled to visit Syria for the same reason.