Latest news with #GAFTA
Zawya
07-07-2025
- Business
- Zawya
Jordan records trade surplus with 10 Arab countries in first third of 2025
AMMAN — Jordan's trade balance recorded a surplus with 10 member states of the Greater Arab Free Trade Area (GAFTA) during the first third of 2025, reflecting the Kingdom's efforts to boost its economic presence in Arab markets. This positive performance aligns with the goals of the Economic Modernisation Vision (EMV) and highlights the growing competitiveness of Jordanian exports across the region, alongside the expansion of its trade partnerships, the Jordan News Agency, Petra, reported. According to the Department of Statistics' (DoS) figures, Jordan's national exports to the GAFTA countries rose by 19.6 per cent in the first four months of the year; reaching JD1.117 billion, up from JD934 million during the same period in 2024. Imports from GAFTA countries also increased, totalling JD1.822 billion, compared with JD1.575 billion in the same period last year, showing an increase of 15.7 per cent. The GAFTA countries ranked as Jordan's top trading partners during this period, accounting for 40.6 per cent of the Kingdom's total national exports. Despite the overall trade deficit with the GAFTA bloc widening to JD705 million, compared with JD641 million in the same period last year, Jordan still achieved a trade surplus with 10 member countries: Iraq, Lebanon, Kuwait, Syria, Palestine, Algeria, Bahrain, Yemen, Libya and Morocco. On the other hand, the trade balance showed a deficit with Saudi Arabia, the UAE, Egypt, Qatar, Oman, Tunisia and Sudan. Saudi Arabia remained Jordan's largest export destination within the GAFTA bloc, with exports valued at JD338 million, up 23.4 per cent from the same period last year. Iraq followed with JD273 million in exports, marking a 17.7 per cent increase, while Jordanian exports to Syria surged by 453.8 per cent, reaching JD72 million. Saudi Arabia also topped the list of Jordan's import sources, with goods valued at JD993 million. This resulted in a JD655 million trade deficit with the Kingdom's largest regional partner. Jordan's exports to the GAFTA countries are mainly consisted of fertilisers, pharmaceuticals, agricultural products including fresh and frozen fruits and vegetables, salts, skincare products, food preparations, furniture, textiles, clothing and paints. Imports from the GAFTA countries include crude oil and its derivatives, jewellery, food products, plastic sheets and panels, titanium oxide, polyethylene, polystyrene, iron and related goods. GAFTA, which entered into force in January 2005, is a trade agreement aimed at fostering economic integration among Arab states through low-tariff trade. The bloc currently includes 18 member countries, Petra added.
Jordan News
06-07-2025
- Business
- Jordan News
Jordan Records Trade Surplus with 10 Arab Countries - Jordan News
Jordan Records Trade Surplus with 10 Arab Countries Jordan recorded a trade surplus with 10 countries within the Greater Arab Free Trade Area (GAFTA) during the first third of this year, as part of ongoing efforts to strengthen its presence in Arab markets. اضافة اعلان This positive outcome reflects the goals of the Economic Modernization Vision and serves as an indicator of the growth and competitiveness of Jordanian exports in Arab markets, along with the expansion of the Kingdom's network of trade partners in the region. According to figures compiled by the Jordan News Agency (Petra), based on foreign trade data issued by the Department of Statistics, Jordanian national exports to GAFTA countries grew by 19.6% during the first third of this year, reaching a value of JD 1.117 billion, compared to JD 934 million during the same period last year. Meanwhile, Jordan's imports from GAFTA countries amounted to JD 1.822 billion in the first third of this year, up 15.7% from JD 1.575 billion in the same period of the previous year. Based on statistical data, GAFTA countries ranked first among Jordan's trade partners during the first third of the year, accounting for 40.6% of the total value of national exports. However, the trade balance between Jordan and GAFTA countries recorded a deficit of JD 705 million during the same period, compared to JD 641 million in the same period last year. The total trade volume between Jordan and GAFTA countries reached JD 2.94 billion in the first third of this year, compared to JD 2.5 billion in the same period last year. Jordan recorded a trade surplus with the following GAFTA countries during the first third of 2024: Iraq, Lebanon, Kuwait, Syria, Palestine, Algeria, Bahrain, Yemen, Libya, and Morocco. On the other hand, the Kingdom registered a trade deficit with Saudi Arabia, the United Arab Emirates, Egypt, Qatar, Oman, Tunisia, and Sudan. Saudi Arabia accounted for the largest share of Jordanian exports to GAFTA countries, reaching approximately JD 338 million, an increase of 23.4%, followed by Iraq with JD 273 million, up 17.7%. Exports to Syria witnessed a significant rise, reaching JD 72 million—a remarkable 453.8% increase. At the same time, Saudi Arabia topped the list of countries from which Jordan imports, with imports valued at JD 993 million. As a result, Jordan's trade deficit with Saudi Arabia alone amounted to around JD 655 million during the first third of this year. Jordan's exports to GAFTA countries primarily include fertilizers, pharmaceuticals, agricultural products such as fresh and frozen fruits and vegetables, salts, skincare products, processed foods, furniture, textiles, garments, and paints. Jordan's imports from GAFTA countries include crude oil and its derivatives, jewelry, food products, plastic sheets and panels, titanium oxide, polyethylene and polystyrene, iron and its products, among other goods. The Greater Arab Free Trade Area is an economic alliance among Arab countries aimed at enhancing economic integration and facilitating low-tariff trade. It officially came into effect in January 2005 and currently includes 18 member states. — (Petra)
Ammon
06-07-2025
- Business
- Ammon
Jordan records trade surplus with 10 Arab countries
Ammon News - Jordan posted a trade surplus with ten Arab countries during the first third of 2025, driven by a notable increase in national exports and the continued expansion of regional trade partnerships, according to official trade data. Figures from the Department of Statistics show that Jordan's exports to countries within the Greater Arab Free Trade Area (GAFTA) grew by 19.6% year-on-year, reaching JD1.117 billion, up from JD934 million in the same period of 2024. Imports from GAFTA members also rose, increasing by 15.7% to JD1.822 billion compared to JD1.575 billion last year. The total trade volume between Jordan and the bloc reached JD2.94 billion, up from JD2.5 billion. Despite an overall trade deficit with GAFTA countries amounting to JD705 million, an increase from JD641 million last year, Jordan achieved a trade surplus with ten countries: Iraq, Lebanon, Kuwait, Syria, Palestine, Algeria, Bahrain, Yemen, Libya, and Morocco. In contrast, trade deficits were recorded with Saudi Arabia, the UAE, Egypt, Qatar, Oman, Tunisia, and Sudan. Arab markets accounted for the largest share of Jordan's export destinations during the period, representing 40.6% of total national exports. Saudi Arabia remained Jordan's top export market within the bloc, receiving JD338 million worth of goods, a 23.4% rise from the same period last year. Iraq followed with JD273 million in exports, up 17.7%. Exports to Syria showed the sharpest growth, soaring by 453.8% to JD72 million. Saudi Arabia also continued to be Jordan's largest source of imports, with inbound goods valued at JD993 million. This contributed to a trade deficit of approximately JD655 million with the Kingdom during the period. Jordan's main exports to Arab countries included fertilizers, pharmaceuticals, fresh and frozen fruits and vegetables, salts, skincare products, processed foods, furniture, textiles, clothing, and paints. On the import side, key products included crude oil and petroleum derivatives, jewelry, food items, plastic sheets and panels, titanium dioxide, polyethylene, polystyrene, iron, and related goods. The Greater Arab Free Trade Area, which came into effect in January 2005, is a regional economic alliance among 18 Arab countries aimed at boosting trade and economic integration through reduced tariffs and simplified customs procedures. Officials say the growing trade with Arab partners aligns with the objectives of Jordan's Economic Modernization Vision, which targets stronger regional integration, export growth, and diversification of trade partnerships. Petra
See - Sada Elbalad
27-06-2025
- Business
- See - Sada Elbalad
"Exploring the Uncharted Waters: Malaysian Palm Oil's Silent Entry into Egypt's Market Despite Strong Demand"
Mohamed Wadie By: SEE Editor-in-Chief Mohamed Wadie Malaysian palm oil, despite being a major global commodity and a key export product to Egypt, has not yet fully "gone public" or established a dominant direct presence in the Egyptian market in terms of local production or investment. Several factors explain this situation, rooted in economic, geopolitical, trade, and strategic considerations. Economic and Market Dynamics Egypt is a significant importer of palm oil, consuming about 1.2 million tonnes annually, with Malaysian palm oil accounting for over half of these imports. Palm oil is essential for Egyptian consumers due to its cost-effectiveness and wide use in cooking and processed foods, especially given Egypt's low consumer purchasing power amid high inflation. Despite this strong demand, Malaysian palm oil mainly enters Egypt as an imported commodity rather than through local production or public market presence. Trade Agreements and Market Access Currently, Malaysia and Egypt are negotiating a Free Trade Agreement (FTA) that aims to strengthen bilateral trade, with palm oil as a key pillar. Egypt already participates in several multilateral trade agreements such as GAFTA, AfCFTA, and COMESA, facilitating regional trade but also complicating direct Malaysian market entry strategies due to existing trade frameworks. These agreements offer opportunities for Malaysian palm oil to expand regionally via Egypt as a hub but do not yet translate into Malaysian palm oil companies going public or establishing major local operations in Egypt. Geopolitical and Regional Risks Regional geopolitical tensions, such as the conflict in Gaza and disruptions in the Red Sea, pose risks to trade flows but have not significantly deterred Malaysian palm oil exports to Egypt, which remain resilient. However, these risks may contribute to cautious investment approaches by Malaysian companies in establishing local public enterprises or manufacturing bases in Egypt. Investment and Collaboration Opportunities There is growing interest from Malaysian companies to invest in Egypt's palm oil sector, leveraging Egypt's strategic location and trade advantages like customs exemptions under AfCFTA. Discussions have involved Malaysian firms exploring joint ventures, technology transfer, and establishing refining or manufacturing facilities in Egypt to serve both local and regional markets. The Egyptian government supports such moves, offering investment incentives and aiming to develop Egypt as a regional hub for palm oil processing and re-export. However, these initiatives are still in exploratory or early stages, which explains why Malaysian palm oil has not yet "gone public" in the Egyptian market. Strategic Industry Considerations Malaysia's palm oil industry is focused on sustainability, certification (MSPO), and compliance with international environmental standards to maintain global market access. The Malaysian Palm Oil Council (MPOC) actively promotes Malaysian palm oil in Egypt through forums and regional offices, aiming to build trust and long-term partnerships rather than immediate public market entry. The industry strategy includes expanding into new markets in Africa and the Middle East while maintaining quality and sustainability credentials. Malaysian palm oil does not yet "go public" in the Egyptian market primarily because - The current trade relationship is heavily import-based rather than investment-based, with Malaysian palm oil entering Egypt mainly as a commodity. - Ongoing negotiations for a Free Trade Agreement and investment discussions indicate future potential but have not yet resulted in Malaysian companies establishing public entities or manufacturing bases in Egypt. - Geopolitical risks and regional instability encourage cautious investment. - Malaysia's strategic focus remains on sustainability, certification, and market diversification, with Egypt serving as a key import market and potential regional hub rather than a site for Malaysian public listings or local production. - Egypt's participation in multiple regional trade agreements creates a complex trade environment that Malaysian companies are navigating carefully. In conclusion, while Malaysian palm oil is a crucial import for Egypt and bilateral cooperation is deepening, the absence of Malaysian palm oil "going public" in Egypt reflects a strategic, economic, and geopolitical balancing act. The future may see greater Malaysian investment and local presence as trade agreements mature and market conditions stabilize, but for now, the relationship centers on trade and strategic partnership rather than public market entry. SeeNews Editor-in-Chief Mohamed Wadie during a visit to a palm oil farm in Malaysia Mr. Mohamed Wadie, Editor-in-Chief of Sada ElBalad English website (SEE) read more Analysis- Turkey Has 0 Regional Allies... Why? Analysis: Russia, Turkey... Libya in Return For Syria? Analysis: Who Will Gain Trump's Peace Plan Fruits? Analysis: Will Turkey's Erdogan Resort to Snap Election? Analysis: What Are Turkey's Aspirations in Iraq? Opinion & Analysis Analysis: Mercenaries In Libya... Who Should Be Blamed? 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See - Sada Elbalad
23-06-2025
- Business
- See - Sada Elbalad
Arab League Holds Workshop on Liberalisation of Financial Services Sector
Mohamed Mandour As part of its commitment to keeping pace with international trade developments that contribute to advancing Arab economic integration within the framework of the Greater Arab Free Trade Area (GAFTA), the General Secretariat of the League of Arab States is organising a workshop on "Liberalisation of the Financial Services Sector and Opportunities to Benefit from the Agreement on the Liberalisation of Trade in Services among Arab Countries," from 22 to 25 June in the Kingdom of Bahrain. The workshop is being held in cooperation and coordination with the Ministry of Industry and Commerce of the Kingdom of Bahrain and forms part of ongoing collaboration with the International Islamic Trade Finance Corporation (ITFC) under the second phase of the Aid for Trade Initiative for Arab States (AFTIAS 2.0), specifically the project entitled "Supporting the Advancement of the Arab Economic Integration System." His Excellency Ambassador Dr. Ali bin Ibrahim Al-Maliki, Assistant Secretary-General and head of the Economic Affairs Sector, stated that the workshop aligns with the General Secretariat's vision of enhancing Arab coordination and cooperation across all service sectors that support an improved business climate and foster a more integrated and competitive regional economic environment. He said that liberalising this strategic sector would unlock new opportunities for joint Arab investment and significantly contribute to the development goals of member states. The Agreement on the Liberalisation of Trade in Services, which entered into force on 14 October 2019, marks a pivotal step in this direction. Ambassador Al-Maliki underscored the need for concerted efforts to activate and effectively implement the agreement's provisions in a sustainable and impactful manner. The workshop aims to provide policymakers from Arab countries with insights into the development of the financial and insurance sectors across the region, as well as highlight best national legislative practices in these fields. It also showcases the contributions of international and regional organisations to the modernisation of these sectors and examine how Arab trade agreements can be leveraged to enhance the business environment, thereby improving performance indicators and aligning with global trends. Officials and experts from Arab countries that are members of the Greater Arab Free Trade Area will participate in the workshop to exchange knowledge and experiences, explore best practices, and strengthen collaboration in the financial services sector, with the objective of maximising the benefits of regional integration efforts. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
