Latest news with #US-JordanFreeTradeAgreement
Jordan News
16-04-2025
- Business
- Jordan News
PM Holds High-Level Talks in Washington on Bilateral Ties, Economic Cooperation - Jordan News
PM Holds High-Level Talks in Washington on Bilateral Ties, Economic Cooperation Prime Minister Jafar Hassan held a series of high-level meetings in Washington D.C. on Tuesday, focusing on strengthening bilateral relations, particularly in economic spheres, and underscoring the enduring partnership between the two nations that spans over 75 years. اضافة اعلان The core of the Prime Minister's discussions in Washington revolved around ways to deepen economic and commercial cooperation, a relationship that has seen substantial expansion over the past twenty years since the implementation of the US-Jordan Free Trade Agreement. Both sides conveyed a commitment to further cultivating these ties to the mutual benefit of their respective countries. Prime Minister Hassan met with Secretary of State Marco Rubio and National Security Advisor Mike Waltz, where conversations explored avenues for enhanced collaboration, notably in the economic and investment spheres, and the importance of capitalizing on existing and emerging opportunities. Rubio and Waltz both conveyed their strong appreciation for the leadership of His Majesty King Abdullah II and his consistent efforts to promote security and peace in the Middle East. The agenda also included a review of the evolving situation in the region and ongoing diplomatic efforts to stop the war in Gaza. Prime Minister Hassan reiterated Jordan's firm stance, under King Abdullah II's direction, calling for an immediate ceasefire in Gaza, the urgent and sustained delivery of humanitarian aid throughout the territory, and the critical need for de-escalation in the West Bank. In separate engagements with Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, with US Trade Representative Ambassador Jamieson Greer also present, the Prime Minister explored concrete steps to boost cooperation in trade, investment, technology, energy, the pharmaceutical industry, water management, and support for significant developmental projects. Prime Minister Hassan outlined the Kingdom's strategic direction under its Economic Modernization Vision, specifically highlighting investment opportunities in major infrastructure projects such as the National Water Carrier. He emphasized the resilience of the Jordanian economy, built on sound foundations thanks to proactive measures to improve the business climate and the clear vision articulated by King Abdullah II to achieve inclusive and sustainable growth. A meeting with White House Office of Management and Budget Director Russell Vought underscored the vital role of US assistance in supporting Jordan's development agenda and helping to manage the challenges associated with hosting refugees. The Prime Minister affirmed that the partnership with the United States remains a cornerstone of Jordan's foreign policy, a strategic alliance aimed at achieving shared objectives on both bilateral and international fronts. The US officials, across all meetings, conveyed their profound respect for the leadership and efforts of King Abdullah II and reiterated their unwavering support for Jordan's security, stability, and its economic and developmental requirements. The meetings were attended by Minister of Industry, Trade and Supply Yarub Qudah, Minister of Planning and International Cooperation Zeina Toukan, and Jordan's Ambassador to the United States Dina Kawar. //Petra// AA
Ammon
16-04-2025
- Business
- Ammon
PM holds high-level talks with senior US administration officials
Ammon News - Prime Minister Jafar Hassan held a series of high-level meetings in Washington D.C. on Tuesday, focusing on strengthening bilateral relations, particularly in economic spheres, and underscoring the enduring partnership between the two nations that spans over 75 core of the Prime Minister's discussions in Washington revolved around ways to deepen economic and commercial cooperation, a relationship that has seen substantial expansion over the past twenty years since the implementation of the US-Jordan Free Trade Agreement. Both sides conveyed a commitment to further cultivating these ties to the mutual benefit of their respective Minister Hassan met with Secretary of State Marco Rubio and National Security Advisor Mike Waltz, where conversations explored avenues for enhanced collaboration, notably in the economic and investment spheres, and the importance of capitalizing on existing and emerging and Waltz both conveyed their strong appreciation for the leadership of His Majesty King Abdullah II and his consistent efforts to promote security and peace in the Middle agenda also included a review of the evolving situation in the region and ongoing diplomatic efforts to stop the war in Gaza. Prime Minister Hassan reiterated Jordan's firm stance, under King Abdullah II's direction, calling for an immediate ceasefire in Gaza, the urgent and sustained delivery of humanitarian aid throughout the territory, and the critical need for de-escalation in the West separate engagements with Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, with US Trade Representative Ambassador Jamieson Greer also present, the Prime Minister explored concrete steps to boost cooperation in trade, investment, technology, energy, the pharmaceutical industry, water management, and support for significant developmental Minister Hassan outlined the Kingdom's strategic direction under its Economic Modernization Vision, specifically highlighting investment opportunities in major infrastructure projects such as the National Water emphasized the resilience of the Jordanian economy, built on sound foundations thanks to proactive measures to improve the business climate and the clear vision articulated by King Abdullah II to achieve inclusive and sustainable growth.A meeting with White House Office of Management and Budget Director Russell Vought underscored the vital role of US assistance in supporting Jordan's development agenda and helping to manage the challenges associated with hosting Prime Minister affirmed that the partnership with the United States remains a cornerstone of Jordan's foreign policy, a strategic alliance aimed at achieving shared objectives on both bilateral and international US officials, across all meetings, conveyed their profound respect for the leadership and efforts of King Abdullah II and reiterated their unwavering support for Jordan's security, stability, and its economic and developmental requirements. The meetings were attended by Minister of Industry, Trade and Supply Yarub Qudah, Minister of Planning and International Cooperation Zeina Toukan, and Jordan's Ambassador to the United States Dina Kawar. Petra
Zawya
07-04-2025
- Business
- Zawya
Jordan: New US tariffs could lead to job losses, industry shutdowns
AMMAN — Tamkeen for Legal Aid and Human Rights has issued an analytical report warning of the significant economic and social repercussions stemming from the US administration's decision to impose a 20 per cent tariff on Jordanian exports. 'The timing of this decision is particularly concerning for Jordan, whose economy is already vulnerable and heavily dependent on foreign trade, especially with the US. This move raises urgent concerns about the impact on local industries and employment,' a Tamkeen statement sent to The Jordan Times said. Titled "The Implications of the New US Tariffs on Jordan's Economy and Workers," the paper predicts that the 20 per cent tariff increase on Jordanian exports will drastically raise production costs, making Jordanian goods less competitive in comparison to imports from other countries. "This shift could force many companies, especially those in the garment and textile sectors, to scale back operations or shut down entirely," the report added. Early estimates suggest that a 20 to 30 per cent reduction in Jordanian exports to the U.S. could result in the direct loss of between 10,000 and 15,000 jobs, with women bearing the brunt of the impact. Women account for over 60 per cent of the workforce in the textile industry, which is Jordan's primary export sector to the U.S. and represents 79 per cent of the country's total exports to that market, the statement said. The new tariffs, announced by US President Donald Trump on April 2, were framed as part of a broader 'economic liberation' agenda. The measures also include a 25 per cent tariff on imported cars and a 20 per cent duty on all other foreign goods. In 2024, the textile sector alone generated around $1.75 billion in exports and employed around 77,730 people. Of this workforce, 27 per cent are Jordanian nationals, while the remaining 73 per cent are migrant workers, primarily from South and East Asia. Much of the manufacturing in the sector takes place in foreign-owned firms located in Jordan's free zones, which benefit from state-provided incentives. Tamkeen has raised concerns that the new tariffs could potentially violate the US-Jordan Free Trade Agreement (FTA), signed in 2000 and implemented in 2001. In 2024, Jordan's exports to the U.S. amounted to $3.4 billion, a 15.4 percent increase from the previous year. Major exports included textiles and apparel ($1.75 billion), jewelry and precious stones ($900 million), fertilisers ($130 million), pharmaceuticals ($90 million), and machinery ($80 million), according to Tamkeen. Samira Dasouqi, a garment worker, said: 'My job is the only source of income for my household. Now we are hearing that factories might reduce shifts. I truly have no other option if this job disappears.' Economist Waseem Hussein highlighted the broader economic risks, noting, 'The ripple effects will be felt across supply chains and employment. Without swift policy responses or trade diversification, the economic shock could deepen.' © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Jordan Times
05-04-2025
- Business
- Jordan Times
New US tariffs could lead to job losses, industry shutdowns
Tamkeen for Legal Aid and Human Rights issues an analytical report warning of the significant economic and social repercussions stemming from the US administration's decision to impose a 20 per cent tariff on Jordanian exports (Photo courtesy of Aqaba Container Terminal) AMMAN — Tamkeen for Legal Aid and Human Rights has issued an analytical report warning of the significant economic and social repercussions stemming from the US administration's decision to impose a 20 per cent tariff on Jordanian exports. 'The timing of this decision is particularly concerning for Jordan, whose economy is already vulnerable and heavily dependent on foreign trade, especially with the US. This move raises urgent concerns about the impact on local industries and employment,' a Tamkeen statement sent to The Jordan Times said. Titled "The Implications of the New US Tariffs on Jordan's Economy and Workers," the paper predicts that the 20 per cent tariff increase on Jordanian exports will drastically raise production costs, making Jordanian goods less competitive in comparison to imports from other countries. "This shift could force many companies, especially those in the garment and textile sectors, to scale back operations or shut down entirely," the report added. Early estimates suggest that a 20 to 30 per cent reduction in Jordanian exports to the U.S. could result in the direct loss of between 10,000 and 15,000 jobs, with women bearing the brunt of the impact. Women account for over 60 per cent of the workforce in the textile industry, which is Jordan's primary export sector to the U.S. and represents 79 per cent of the country's total exports to that market, the statement said. The new tariffs, announced by US President Donald Trump on April 2, were framed as part of a broader 'economic liberation' agenda. The measures also include a 25 per cent tariff on imported cars and a 20 per cent duty on all other foreign goods. In 2024, the textile sector alone generated around $1.75 billion in exports and employed around 77,730 people. Of this workforce, 27 per cent are Jordanian nationals, while the remaining 73 per cent are migrant workers, primarily from South and East Asia. Much of the manufacturing in the sector takes place in foreign-owned firms located in Jordan's free zones, which benefit from state-provided incentives. Tamkeen has raised concerns that the new tariffs could potentially violate the US-Jordan Free Trade Agreement (FTA), signed in 2000 and implemented in 2001. In 2024, Jordan's exports to the U.S. amounted to $3.4 billion, a 15.4 percent increase from the previous year. Major exports included textiles and apparel ($1.75 billion), jewelry and precious stones ($900 million), fertilisers ($130 million), pharmaceuticals ($90 million), and machinery ($80 million), according to Tamkeen. Samira Dasouqi, a garment worker, said: 'My job is the only source of income for my household. Now we are hearing that factories might reduce shifts. I truly have no other option if this job disappears.' Economist Waseem Hussein highlighted the broader economic risks, noting, 'The ripple effects will be felt across supply chains and employment. Without swift policy responses or trade diversification, the economic shock could deepen.'
Jordan Times
26-01-2025
- Business
- Jordan Times
Kingdom exports to US reaches JD 2.044b by end of November in 2024 — DoS
Jordan's exports to the US continues their upward trend in 2024, reaching JD 2.044 billion by the end of November, an increase of 14.9 per cent (Al-Mamlaka TV photo via shutterstock) -Kingdom's exports to US increases by 14.0% last year -Imports increases by 4.7% in 2024 AMMAN — Jordan's exports to the US continued their upward trend in 2024, reaching JD 2.044 billion by the end of November, an increase of 14.9 per cent compared to JD 1.779 billion during the same period in 2023. The Department of Statistics (DoS) reported on Sunday an increase in Jordan's imports from the US, which totalled JD 1.134 billion for the January-to-November period, marking an increase of 4.7 per cent from JD 1.083 billion in the same period last year. The trade balance between Jordan and the US reflected a surplus of JD 910 million during the same period, highlighting Jordan's growing export strength. Total trade between the two countries reached JD 3.178 billion by November 2024, compared to JD 2.862 billion in 2023, the Jordan News Agency, Petra, reported. Jordan's top exports to the US include apparel, jewellery, fertilisers, pharmaceuticals, IT services, food, live animals and engineering goods. While Jordan's main imports from the US include transport equipment, machinery, electrical equipment, cereals, chemicals, medical equipment, food products, wood pulp, animal products, furniture, iron products, used clothing, vegetable oils and wood products. The US-Jordan Free Trade Agreement, signed in October 2000 and fully implemented in January 2010, has significantly boosted bilateral trade. Over the past two decades, trade has increased by an estimated 800 per cent, underscoring the success of the agreement in deepening economic ties between the two countries.
