Jordan Turkey Free Trade Agreement
This page lists the free trade agreements signed by Turkey. [1] In 1995, Turkey signed a customs union with the European Union for products other than agricultural products and services. Since 2018, the EU has been Turkey`s main trading partner, with 50% of its exports and 36% of its imports. [2] The Iraqi market is particularly important for Jordanian exporters. Jordan is a natural gateway for goods destined for Iraq and the kingdom`s port city of Aqaba has historically played an important role in transporting goods to the country. However, recent turbulence in the region has weighed on bilateral trade, increased security risks and transportation costs for truck drivers crossing Iraq`s Anbar province, and disrupted traffic. According to the Ministry of Statistics, Jordan`s exports to Iraq fell 17.5 percent in the first two months of 2015, from $186.57 million to $154 million. In addition, the volume of bilateral trade fell by more than 26% between 2013 and 2014, from JD 1.14 billion ($1.6 billion) to JD 833 million ($1.17 billion). Jordan and Turkey have a long relationship dating back to the early 1990s. In 1994, Jordan and Turkey founded the Turkish-Jordanian Economic Council. The Council`s objective is to serve as a model for a joint undertaking between the two countries. The Council encourages the private sector in both countries to respond to their trade and investment. In 2011, Jordan and Turkey also signed a free trade agreement (FTA) that removes tariff barriers and facilitates bilateral trade and investment.
While trade relations between Jordan and the United States are strong, the Kingdom has also actively sought to strengthen integration into the regional economy. GAFTA is part of efforts to strengthen economic cooperation among the 22 member states of the Arab League. The agreement entered into force in 2005 and has resulted in several exemptions from customs duties and taxes. GAFTA significantly increased Jordan`s trade relations with neighboring countries in 2014 The volume of trade with GAFTA members amounted to JD 7.53 billion ($10.59 billion). The empirical impact of the U.S.-Jordan Free Trade Agreement cannot be underestimated. Economic relations between Jordan and the United States have grown significantly since the agreement: bilateral trade increased from $31 million in 1999 to $1.1 billion in 2011, and in 2014 the total volume of trade between the two countries amounted to $3.45 billion. The kingdom soon became a center for clothing manufacturing when American companies like Walmart and Target set up factories in the country. The agreement has disrupted the garment industry, which has become a major export sector for the country; In 2014, $1.35 billion of clothing was exported from the kingdom, representing 15.2 percent of Jordan`s total global exports. While joint economic committees hold meetings to focus on promoting bilateral trade, free trade agreements reduce trade barriers such as import quotas and tariffs. . .
.
Categories: Uncategorized
No Comments »
« Is Verbal Agreement Binding Uk | Home | Landlord Tenant Agreement Template Ontario »
