The government of the Hashemite Kingdom of Jordan and the government of the Republic of Korea signed an Economic and Trade Cooperation Agreement today. This significant step reflects the deep bilateral relations between the two friendly nations and underscores their mutual commitment to enhancing their economic partnership and expanding cooperation in various fields of common interest.
اضافة اعلان
The agreement was signed on behalf of the Jordanian side by the Minister of Industry, Trade, and Supply, Eng. Yarub Qudah, and on the Korean side by the Ambassador of the Republic of Korea to Jordan, H.E. Pil-woo Kim.
Minister Qudah expressed his pride in this agreement, noting that Jordan is keen to strengthen its economic and trade ties with South Korea and expand cooperation between the public and private sectors to achieve mutual interests and support sustainable economic development.
The Korean Ambassador also expressed his pleasure in signing the agreement, emphasizing the importance of reinforcing the economic partnership and expanding cooperation across various sectors, which will positively impact bilateral trade volume and mutual investment opportunities.
A Modern Framework for Cooperation
This agreement establishes a modern and comprehensive framework for organizing and developing economic and trade relations, effectively replacing the previous trade agreement signed in 1972. This update reflects the significant evolution of economic ties over the past decades and aligns with global economic shifts.
Cooperation between the two countries has expanded to include diverse sectors, most notably garments, pharmaceuticals, chemical products, and other industrial goods, reflecting a diversified economic base and promising future opportunities.
Objectives and Institutional Framework
The agreement aims to bolster trade and investment exchange by providing a structured institutional framework for cooperation in:
Trade in goods and services.
Industrial cooperation.
Investment promotion.
Exchange of expertise in economic and developmental policies.
Furthermore, the agreement mandates the establishment of the Jordanian-Korean Joint Committee for Trade and Economic Cooperation. This committee will serve as a primary platform for enhancing economic relations based on mutual benefit, exploring new opportunities, and consulting on any challenges facing the development of bilateral economic ties.
This agreement is expected to enhance the business environment, increase trade volume, and stimulate joint investments, paving the way for a long-term strategic economic partnership.
