Jordan-Kuwait free trade agreement signed
Jordan and Kuwait recently signed a free trade agreement (FTA) that will exempt bilateral trade in agricultural, livestock and industrial products from all tariffs and taxes. The agreement will become effective once constitutional procedures are completed in both countries, the official Jordanian Petra news agency confirmed.
Working to promote trade between Arab countries, in compliance with the rules of World Trade Organization (WTO), the agreement provides for gradual exemptions on additional products over the next three years.
Bilateral trade between the two countries currently does not exceed $50 million annually, having been dropped to a minimum during the early 1990s when Kuwait accused Jordan of siding with Iraq during the 1991 Gulf War. Jordanian exports to Kuwait include cement, clothing and fertilizers, while Kuwaiti exports to Jordan include glass, metals and paper. — (menareport.com)
© 2001 Mena Report (www.menareport.com)