Saudi Arabia, Jordan eye trade relations over $1bn with new agreement

Arab News: A bilateral agreement which could be worth over $1 billion has been signed by business leaders from the Saudi Arabian city of Makkah and Jordan’s Amman.

A memorandum of understanding was agreed between the Makkah Chamber of Commerce and Industry and its Amman counterpart which will focus on developing bilateral economic relations between the two cities.

The deal was signed during a Jordanian industrial delegation’s visit to the MCCI, headed up by the Jordanian Minister of Industry, Trade and Supply Yousef Mahmoud Al-Shamali and the Chairman of Amman Chamber of Industry, Fathi Jaghbir.

“There is a need to strengthen these relations to rise above $1 billion, especially since Amman is proud of Saudi products, and Saudi investments are the most important in Jordan,” said Al-Shamali.

The deal holds considerable significance as trade exchange between Saudi Arabia and Jordan was still “below expectation” despite common interests, pointed out Jaghbir.

“Saudi Arabia is the second-largest commercial partner for Jordan,” he added.

Jaghbir also called for the establishment of executive offices and liaison officers in the chambers of commerce in both countries to put these agreements and partnerships into force.

Some 44 Jordanian companies from various sectors participated in an exhibition organized on the sidelines of the meeting.

Al-Shamali and the Saudi Minister of Commerce and Investment Majid bin Abdullah Al-Qasabi also explored ways to strengthen bilateral trade and stimulate each country’s private sector, according to the statement.

They discussed preparations for an upcoming joint trade committee meeting, which will focus on increasing bilateral trade and economic cooperation.

Arab Contribution Time: 06-Mar-2022 14:31 (GMT)
Arab Last Update Time: 06-Mar-2022 14:31 (GMT)