Turkey Jordan Free Trade Agreement

Jordan and Turkey have long relations dating back to the early 1990s. In 1994, Jordan and Turkey established the Turkish-Jordanian Economic Council. The Council`s objective is to serve as a model for joint ventures between the two countries. The Council calls on the private sector of both countries to return the favour to their trade and investment. In 2011, Jordan and Turkey also signed a free trade agreement that removes customs barriers and facilitates bilateral trade and investment. Jordan`s Minister of Industry, Trade and Supply, Tariq Hammouri, and a delegation visited the capital of Ankara for the deal, Ruhsar Pekcan said in a Twitter message. 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 empirical effects of the U.S.-Jordan free trade agreement are not widely appreciated. Economic relations between Jordan and the United States have increased considerably since the agreement: bilateral trade has increased from $31 million in 1999 to $1.1 billion in 2011 and, in 2014, the total volume of goods traded between the two countries was $3.45 billion. The kingdom soon became a hub for apparel manufacturing, as American companies such as Walmart and Target established factories in the country.

The agreement has stimulated the garment industry, which has become a leading export sector for the country; In 2014, $1.35 billion worth of clothing was exported from the kingdom, representing 15.2% of Jordan`s total exports. Jordan`s multiplicity of free trade agreements (FTAs) has created a vehicle for both national economic development and greater integration into the global economy. In 1997, King Hussein signed the Large-scale Free Trade Agreement (GAFTA), which is the first in a series of trade agreements. During the 2000s, Jordan signed more than seven free trade agreements, making its economy one of the most open in the Middle East. These developments reflect the Kingdom`s commitment to the policy of economic liberalization and its efforts to establish stronger political relations through trade diplomacy. The Iraqi market is particularly important for Jordanian exporters. Jordan is a natural gateway for goods destined for Iraq and the port city of the Kingdom of Aqaba has played an important role in transporting goods to the country. However, recent unrest 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, Jordanian exports to Iraq fell by 17.5% in the first two months of 2015, from $186.57 million to USD 154 million. In addition, the volume of bilateral trade decreased by more than 26% between 2013 and 2014, compared with JD 1.14 billion ($1.6 billion) to 833 million JD ($1.17 billion). While the Jordanian government has tried to right its image in response to criticism from workers` and human rights groups, it has also sealed agreements with other nations.

It has free trade agreements with the EU, as part of the Barcelona, EFTA, Palestine and Syria processes. It signed a free trade agreement with Singapore in 2004 and with Canada in 2008 (which has yet to be ratified). In 2010, it signed a four-way agreement with Syria, Turkey and Lebanon. Jordanian government officials stressed the attractiveness of Jordan`s investment climate, which has signed several free trade agreements.