Latest news with #ArabFreeTradeArea
El Chorouk
17-05-2025
- Business
- El Chorouk
President Tebboune Defends Solidarity with Wounded Arab Countries
President Abdelmadjid Tebboune said on Saturday that sustainable development in the Arab region must be based on the principle of solidarity with sister Arab countries suffering from crises and wars. Tebboune highlighted Algeria's commitment to actively participating in various initiatives to strengthen Arab cooperation, embodying economic integration. In a speech delivered on his behalf by the Minister of Foreign Affairs, National Community Abroad, and African Affairs, Ahmed Attaf, during the fifth session of the Arab Economic and Social Development Summit, held in Baghdad, President Tebboune said: 'Discussions about sustainable development in the Arab region must be based on the principle of solidarity with the wounded countries of our nation, starting with occupied Palestine and extending to the rest of the sister Arab countries suffering from the scourges of crises, conflicts, and wars.' He explained that 'the security and prosperity of our Arab region will only be achieved through the recovery of these countries, the elimination of the injustice and oppression imposed upon them, and their return to the path of stability, growth, and prosperity.' He reiterated Algeria's commitment to contributing to Arab economic integration. He also stressed that 'achieving Arab economic integration must not remain a deferred dream passed down from generation to generation. Despite the growth achieved in recent years, intra-Arab trade still does not exceed 8% of the total trade of Arab countries with the rest of the world. The same applies to inter-Arab investments, which also experience unfair disparities from one Arab country to another, with their low figures.' The President of the Algerian Republic emphasised that the fundamental components for achieving Arab economic integration include 'the full implementation of the Arab Free Trade Area, the development of inter-Arab transport networks, and the creation of banking, financial, and insurance mechanisms.' He considered that the goals of economic construction and sustainable development are 'closely linked to the requirements of Arab national security and to our responsibility to enhance the capabilities of Arab peoples, with both current and future generations.' In a related context, he asserted that 'Algeria is keen to be an active player in various economic initiatives aimed at strengthening rapprochement and cooperation among Arab countries,' pointing to its accession to the Arab Free Trade Area in 2009, its contribution to building various Arab financing and investment institutions, and its support for land, sea, air, and even energy connectivity projects. The President Tebboune concluded, 'My country emphasises the need for all Arab countries not to fall behind in the revolutions currently taking place, particularly in the fields of renewable energy, digitisation, artificial intelligence, robotics, and nanotechnology.'
Bahrain News Gazette
28-01-2025
- Business
- Bahrain News Gazette
Jordan's Exports to GAFTA Countries Rise by 15.6%
Amman: Jordan's exports to countries within the Greater Arab Free Trade Area (GAFTA) recorded a 15.6% increase by the end of November 2024, reaching JD 3.257 billion compared to JD 2.818 billion during the same period in 2023. According to Bahrain News Agency, the data showed that Jordan's imports from GAFTA countries also grew during the same period, rising by 8.5% to JD 4.694 billion from JD 4.326 billion in 2023. This led to a narrowing of the trade deficit with GAFTA countries to JD 1.437 billion, down from JD 1.508 billion in the corresponding period of 2023. Overall, trade volume between Jordan and GAFTA countries increased to JD 7.951 billion by November 2024, compared to JD 7.144 billion in the same period of 2023. Saudi Arabia emerged as Jordan's top export destination within GAFTA, with exports to the kingdom reaching JD 1.0736 billion, a 13.7% rise from JD 911 million in 2023. Saudi Arabia also ranked as Jordan's largest import source, with imports totaling JD 2.699 billion, resulting in a trade deficit of JD 1.663 billion with Saudi Arabia by the end of November 2024. Jordan's exports to GAFTA countries include fertilizers, pharmaceuticals, agricultural products such as fresh and frozen fruits and vegetables, salts, skin care products, food preparations, furniture, textiles, clothing, and paints. Imports from GAFTA countries primarily consist of crude oil and its derivatives, jewelry, food products, plastic sheets, titanium oxide, polyethylene, polystyrene, iron, and steel products, among others. The Arab Free Trade Area, an economic alliance aimed at fostering trade and economic integration among Arab countries, became fully operational in January 2005. It currently includes 18 member states working toward enhancing regional trade through reduced customs duties.
Jordan News
28-01-2025
- Business
- Jordan News
Jordan's Exports to Iraq Rise to 830 Million Dinars by November 2024 - Jordan News
Amman– Jordan's exports to Iraq have shown significant growth, increasing by 45.6% from the beginning of 2024 until the end of November 2024, reaching nearly 830 million dinars, an increase of over 260 million dinars compared to 570 million dinars during the same period in 2023. اضافة اعلان According to official statistical data tracked by the Jordan News Agency (Petra), the Kingdom's trade balance with Iraq recorded a surplus of 658 million dinars by the end of November 2024. The bilateral trade volume between the two countries also rose to 1 billion dinars during the same period, compared to 745 million dinars in 2023. In the same context, Jordan's imports from Iraq declined by the end of November 2024, recording 172 million dinars compared to 174 million dinars in 2023. Iraq ranked second, accounting for 25.4% of the total value of Jordan's exports to Arab Free Trade Area countries, which amounted to 3.257 billion dinars by the end of November 2024. Dr. Majed Al-Saadi, Chairman of the Iraqi Business Council in Amman, told Petra that, despite the noticeable increase in Jordanian exports, they still do not reflect the full potential of Jordanian industries. He highlighted the promising products since the 1990s and the role of Jordanian private companies with outstanding expertise in strategic sectors. Al-Saadi noted that the actual trade exchange between Jordan and Iraq is much larger than what the official figures show and expressed hope that the Business Council would enhance cooperation with Iraqi companies and the Iraqi government to increase Jordan's contribution to reconstruction projects. He added that Jordanian companies have a strong presence in Baghdad in various sectors, including tourism, hotels, banking, oil, technology, and construction. This reflects the depth of the economic relations between the two countries, as well as the significant presence of Jordanian businessmen and contractors in Iraq. Al-Saadi considered this presence a positive indicator, encouraging continued support for joint cooperation and the sustainability of economic projects. He emphasized the importance of seizing opportunities in the Iraqi reconstruction sector to enhance economic integration between Jordan and Iraq. Engineer Ihab Al-Qadri, Head of the Export to Iraq file at the Jordan Chamber of Industry and representative of the leather and garment industries in the chamber, told Petra that the remarkable growth in national exports to Iraq came as a result of the intensified economic relations between the two countries and enhanced commercial cooperation, especially from the private sector. He added that this growth was driven by increased exports of various products, notably fertilizers and medicines, which saw significant increases compared to the same period in 2023. Other products contributing to this rise included detergents, soap, wires, connectors, and many plastic and food products. Al-Qadri pointed to the intensive work carried out by the private sector in cooperation with the government during the past two years to deepen trade exchanges and strengthen connections between businessmen in both countries. He mentioned that the largest industrial delegation participated in the Baghdad Expo, and the largest private sector delegation was prepared to meet with businessmen from both countries. Additionally, the Jordanian-Iraqi Business Forum will be held next week on the sidelines of the Baghdad International Expo. Al-Qadri emphasized that there are significant opportunities for Jordanian products to increase their presence in the Iraqi market, particularly due to the demand for products related to reconstruction projects. He also noted the high demand for some products related to large-scale projects such as roads, hospitals, schools, and other infrastructure projects, which open the door for several Jordanian industrial products to enter the market. He highlighted opportunities to meet the demand for final consumer goods, especially given the geographical proximity that facilitates transportation and shipping, the large size of the Iraqi market, and its need for high-quality national products at competitive prices. He further pointed out that opportunities are available for Jordan to increase its market share in Iraq and restore trade exchange levels that existed before 2015. Jordanian exports to Iraq included fertilizers, electrical equipment and machinery, detergents and washing preparations, paints, animal and plant products (including vegetables, fruits, etc.), mineral and carbonated water, juices, medicines, antibiotics, clothing, skincare products, and food industries. As for imports from Iraq, Jordan's imports include crude oil and oils, straw, grains, various fruits, dried dates, pistachios, organic chemical products, dyes, surface coloring materials, furniture, non-alloyed aluminum, and food products. It is worth mentioning that the trilateral partnership agreement between Jordan, Iraq, and Egypt was signed during the first trilateral summit held in Cairo in 2019. This partnership aims to enhance regional cooperation in economic, political, and developmental fields, focusing on strategic projects such as energy, trade, and infrastructure. The trilateral partnership between Jordan, Iraq, and Egypt forms a strategic framework to enhance economic integration and regional cooperation. The partnership focuses on vital projects, including the Basra-Aqaba oil pipeline, strengthening trade exchange, developing infrastructure, and cooperation in agriculture, energy, and investment. The two countries are also striving for sustainable development, with a focus on food security and energy, making this collaboration a model for enhancing regional stability and achieving long-term shared interests.
