UAE and Jordan sign landmark trade deal

Read more: UAE-Jordan Cepa set to boost bilateral trade to $8bn within a decade

The UAE on Sunday signed a comprehensive economic partnership agreement with Jordan, its first with a fellow Arab country. The deal is aimed at deepening trade ties between the countries.

The landmark deal was witnessed by President Sheikh Mohamed and King Abdullah II and came as part of the UAE leader's working visit to Amman. The Cepa is aimed at accelerating growth in priority industries, creating jobs and strengthening supply chains, state news agency Wam said.

It will involve trade restrictions being eased or lifted on commodities and services, with the aim of promoting growth and further opportunities for collaboration in sectors such as renewable energy, industrial projects, manufacturing, transport, pharmaceuticals and food processing.

The Cepa will seek to build on the strong foundations already in place for economic development. Last year, non-oil trade between the UAE and Jordan reached $4.2 billion. Jordan is the UAE’s third-largest Arab trade partner outside of the GCC.

Meanwhile, the UAE is Jordan’s leading foreign investor, with mutual investment between the countries estimated to be $22.5 billion.

Last month, the UAE signed four agreements with Jordan for a $2.3 billion railway investment project that will link the port of Aqaba with the mining regions of Al Shidiya and Ghor es-Safi. This was part of the investment package worth about $5.5 billion that Jordan signed with the Emirates in November during the state visit of King Abdullah to Abu Dhabi.

High-level talks

Sheikh Mohamed was greeted on his arrival at Marka airport in Amman by King Abdullah and Crown Prince Hussein bin Abdullah. Talks were held during an official reception at Basman Palace, with the leaders discussing regional and international issues, including developments in Gaza and Lebanon.

They also held talks on co-operation in areas such as the economy, investment, sustainable development, food security and renewable energy.