AMMAN — The trade between Jordan and its partner countries, governed by free trade agreements, reached $23 billion in 2022, according to data from the Amman Chamber of Commerce.
اضافة اعلان
According to the Jordan News Agency, Petra, Arab nations accounted for more than half of this total, showcasing the significant economic ties within the region.
Over the years, Jordan has actively pursued and established free trade agreements with various international and bilateral economic blocs.
Notably, the country signed the Greater Arab Free Trade Area agreement in 1978, solidifying its economic cooperation with fellow Arab nations. Furthermore, Jordan's free trade agreement with the US, which took effect in 2001, and the Jordanian-European Partnership, in force since 2002, have played pivotal roles in expanding its economic reach.
Trade agreements
One of the notable trade agreements is the one Jordan entered into with EFTA countries, including Switzerland, Liechtenstein, Iceland, and Norway.
This agreement, which came into force in 2002, has been instrumental in fostering robust trade relationships between Jordan and EFTA nations. In addition, the free trade agreement with Singapore, effective since 2005, has contributed to the growth of trade and economic cooperation between the two countries.
Jordan has also taken significant steps to diversify its trade partnerships by signing the Agadir agreement, establishing a free trade exchange zone among Arab and Mediterranean countries.
This agreement, involving Tunisia, Egypt, Morocco, and Jordan, has created favorable conditions for increased trade flows among the participating nations. Furthermore, Jordan has secured free trade agreements with Canada and the UK, further expanding its international trade portfolio.
Breakdown of trade relationships
Among the countries in the Greater Arab Free Trade Zone, Jordan's trade reached an impressive value of $12.299 billion in 2022, constituting 31 percent of its total foreign exchange.
The EU countries followed closely with a trade value of $4.880 billion, while the US recorded a trade value of $3.973 billion with Jordan.
Furthermore, Jordan's trade with the Agadir countries amounted to $1.162 billion in 2022, further diversifying its trade partnerships and benefiting from increased regional cooperation.
Similarly, trade with EFTA countries reached $1.055 billion, reflecting the success of the free trade agreement between Jordan and these nations.
Within the specific trade agreements, Jordan's trade with the UK under the Jordanian-British agreement totaled $312 million. Meanwhile, Canada had a trade value of $168 million. Singapore maintained a steady trade relationship with Jordan, recording a trade value of $57 million.
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