UAE and Jordan Sign Historic Economic Partnership Agreement
On October 6, a significant event took place in Amman, Jordan, where UAE President Sheikh Mohamed bin Zayed Al Nahyan and King Abdullah II of Jordan witnessed the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Jordan. This marks the first CEPA between the UAE and an Arab nation, aiming to enhance trade and investment ties, boost growth in key industries, create jobs, and strengthen supply chains.
Signing Ceremony at Basman Palace
The agreement was signed at a ceremony held at Basman Palace by Dr. Thani bin Ahmed Al Zeyoudi, UAE’s Minister of State for Foreign Trade, and Yarub Falah Al-Qudah, Jordan’s Minister of Industry, Trade and Supply. Additionally, an Administrative Cooperation Agreement on Customs Matters was signed by Ali bin Hammad Al Shamsi from the UAE and Yarub Falah Al-Qudah from Jordan.
Leaders’ Remarks
Sheikh Mohamed bin Zayed highlighted the CEPA as a natural progression of UAE-Jordan relations, setting a foundation for enhanced cooperation and economic integration. King Abdullah II expressed hope that the agreement would support sustainable economic development and open new opportunities for integration.
Economic Impact
The agreement builds on strong UAE-Jordan economic ties, with non-oil trade reaching over USD4.2 billion in 2023. In the first half of 2024, trade grew by 36.8% compared to the same period in 2023. The UAE is Jordan’s top foreign investor, with mutual investments around USD22.5 billion. The CEPA is expected to further strengthen ties, especially in sectors like renewable energy, manufacturing, and food processing.
UAE’s CEPA Programme
The UAE’s CEPA programme is a crucial part of its economic growth strategy, focusing on reducing trade barriers, enhancing market access, and fostering private sector collaboration globally.
Doubts Revealed
UAE -: UAE stands for the United Arab Emirates, a country in the Middle East known for its modern cities like Dubai and Abu Dhabi.
Jordan -: Jordan is a country in the Middle East, famous for its ancient city Petra and the Dead Sea.
Economic Partnership Agreement -: An Economic Partnership Agreement is a deal between countries to make it easier to trade goods and services, invest, and create jobs together.
Sheikh Mohamed bin Zayed Al Nahyan -: He is the President of the UAE and a key leader in the country, helping to guide its development and international relations.
King Abdullah II -: He is the King of Jordan, leading the country and representing it in international matters.
Trade and investment ties -: These are the connections between countries that involve buying and selling goods and services, as well as investing money in each other’s businesses.
Supply chains -: Supply chains are the systems that move products from where they are made to where they are sold, involving many steps and people.
Non-oil trade -: Non-oil trade refers to the exchange of goods and services that do not involve oil, such as electronics, food, and clothing.
Renewable energy -: Renewable energy comes from natural sources that can be replenished, like sunlight, wind, and water, and is important for a sustainable future.
Manufacturing -: Manufacturing is the process of making products in factories, which can include anything from cars to clothes.