JCI, MCCI sign cooperation agreement to promote Jordanian-Saudi trade

jordan chamber of industry
(Photo: Jordan News)
AMMAN — Jordan Chamber of Industry (JCI) and the Makkah Chamber of Commerce & Industry (MCCI) signed a joint cooperation agreement in the Saudi city of Mecca during a visit by the Jordanian economic and industrial delegation, with the participation of Minister of Industry and Trade Yousef Shamali, according to the Jordan News Agency, Petra.اضافة اعلان

The delegation, including JCI president, Fathi Jaghbir and more than 50 Jordanian industrial companies, discussed ways to make use of the two countries’ available economic opportunities, through inking trade agreements that guarantee mutual benefits, according to a JCI statement on Sunday.

In addition, the two sides discussed the possibility of increasing the number of transit visas for Jordanian trucks heading to the UAE, excluding Jordan from Saudi Arabia’s projected plans to replace imported products, and finding mechanisms to help the Jordanian industrial sector through supporting contacts with major shopping centers and commercial agents in Saudi Arabia.

Discussions also stressed the importance of supporting the launch of commercial-industrial integration and investment coalitions between the two countries’ private sectors and opening greater channels of communication through the Saudi embassy in Jordan with respect to the Saudi government’s trade decisions, the JCI statement added.

On development of Jordan’s national exports to Saudi Arabia, the delegation said that this effort comes in light of the volume of Saudi investments in Jordan that amounted to about $10 billion by the end of 2019, adding that a large amount of investments are geared towards the transportation, infrastructure, energy, commercial and tourism construction sectors, the statement noted.

Addressing the signing ceremony, Jaghbir said that the public and private sectors’ partnership increases opportunities, adding that the delegation’s visit will have “positive and promising” outcomes in the future.

Jaghbir announced the appointment of liaison officers in JCI headquarters to follow up on the outcomes of the economic delegation’s visit to Saudi Arabia, referring to “promising” cooperation opportunities between the two countries’ private sectors.

The economic delegation also discussed ways to promote Jordan’s national exports, especially in the food retail sector to the Saudi market, as the “largest in the region,” according to Jaghbir.

To help remove trade-related obstacles, Jaghbir said that the delegation discussed facilitating access of Jordanians to entry visas to Saudi Arabia, based on the JCI’s letters of recommendation and mutual recognition of health certificates issued by the Jordan Food and Drug Administration.

The volume of Jordanian-Saudi trade exchange dropped in 2020 by 25.7 percent to reach nearly $3 billion, while the trade balance recorded a deficit of about $1.3 billion in 2020, according to official data, due to a rise in the volume of Jordanian national exports to Saudi Arabia by nearly 5 percent to reach approximately $813.5 million in 2020, and a drop in the volume of Jordanian imports from the Saudi market, which decreased by about 34.2 percent.

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