UAE and Jordan Sign Historic CEPA to Boost Trade and Investment

UAE, 07 October, 2024 : President His Highness Sheikh Mohamed bin Zayed Al Nahyan and His Majesty King Abdullah II of Jordan witnessed the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Jordan. The deal, signed at Basman Palace in Amman, marks the first CEPA between the UAE and an Arab nation, aiming to boost trade, investment, and job creation while strengthening 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. The leaders also observed the signing of an Administrative Cooperation Agreement on Customs Matters between the two countries.

Sheikh Mohamed emphasized that the CEPA solidifies UAE-Jordan economic ties, paving the way for enhanced cooperation and long-term trade and investment collaboration. King Abdullah II expressed hope that the agreement would foster sustainable economic growth and integration.

In 2023, UAE-Jordan non-oil trade exceeded $4.2 billion, with a further increase of 36.8% in the first half of 2024. The UAE is Jordan’s top foreign investor, with mutual investments valued at $22.5 billion. The CEPA is expected to further boost sectors such as renewable energy, manufacturing, and food processing.

The UAE’s CEPA program is a core part of its strategy to expand global trade partnerships and strengthen economic growth.

Source : www.zawya.com