UAE and Jordan Sign Historic Comprehensive Economic Partnership Agreement to Strengthen Trade and Investment Ties

📷Courtesy of WAM. All rights reserved.

Riyadh, October 6, 2024 (Saudi Arabia Breaking News) – President His Highness Sheikh Mohamed bin Zayed Al Nahyan of the UAE and His Majesty King Abdullah II bin Al-Hussein of Jordan today witnessed the signing of a Comprehensive Economic Partnership Agreement (CEPA), marking a historic first CEPA between the UAE and an Arab nation. The agreement, signed at a ceremony at Basman Palace in Amman, aims to deepen trade and investment ties between the two countries, accelerate growth in key industries, create jobs, and strengthen supply chains.

The agreement was signed by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Yarub Falah Al-Qudah, Jordan’s Minister of Industry, Trade and Supply. Additionally, the two leaders witnessed the signing of an Administrative Cooperation Agreement on Customs Matters, aimed at further enhancing customs collaboration and easing the flow of goods between the nations.

His Highness Sheikh Mohamed bin Zayed welcomed the CEPA as a major step in the UAE-Jordan strategic relationship, noting that it builds a strong foundation for economic integration and long-term trade cooperation. He emphasized the importance of the agreement in fostering sustainable economic growth and prosperity across the region.

King Abdullah II expressed hope that the CEPA would contribute to achieving the shared vision for economic development, opening new opportunities for integration and strengthening the economic bonds between the UAE and Jordan. He praised the UAE’s continued support for Jordan’s development initiatives.

The UAE and Jordan share a robust economic relationship, with non-oil trade reaching over $4.2 billion in 2023 and experiencing a 36.8% growth in the first half of 2024, reaching $2.7 billion. Jordan is the UAE’s third-largest Arab trade partner outside the GCC, while the UAE remains Jordan's top foreign investor, with mutual investments totaling approximately $22.5 billion.

The CEPA is expected to remove trade barriers, reduce non-tariff measures, and foster collaboration across sectors such as renewable energy, manufacturing, transport, pharmaceuticals, and food processing. This agreement represents a significant advancement in economic ties, creating new opportunities for businesses and promoting deeper economic integration.

The UAE’s CEPA programme is a key component of the nation’s economic growth strategy, aimed at strengthening global trade partnerships by reducing barriers, enhancing market access, and fostering private sector collaboration and investment.