Jordan will be “Big Loser” from sanctions
Chairman of Jordan’s Chamber of Commerce Nael Kabariti said on Wednesday that Jordan will be the first victim and “big loser” from economic sanctions imposed on Syria by the Arab League, the pan-Arab daily ASharq AL-Awsat reported Thursday.
Kabariti said during a press conference at the Chamber that 70 percent of Jordan’s exports to Turkey and Europe pass through Syrian territory and that the closure of this vital trade route will have many negative repercussions on Jordan’s trade and commodities sector. He pointed out that the increased travel times on goods, as well as heightened security and transportation costs will impact the national economy, in general, and the banking sector, in particular. Kabariti added that Jordan heavily depends upon imported foodstuffs and clothing from the Syrian market and that Syria is the country’s only land outlet to Lebanon.
The Arab League voted last month to impose strict sanctions on the Syrian regime of Bashar al-Assad for its violent crackdown on anti-government protestors now entering its ninth month.
Syria’s neighbors, including Iraq, Lebanon and Jordan, fear the impact these sanctions will have on local economies as they remain vital trading partners will the regime.
Jordanian banks recently stopped all financial transactions with the both the Central Bank and the Commercial Bank of Syria. Reports also surfaced this week that the Jordanian government has sent a request to the Iraqi government asking that trucks carrying Jordanian goods to markets in Europe and Turkey be allowed to pass through Iraqi territory, but Iraq has said that it is still reviewing the request.
- Trouble getting them, trouble keeping them? Middle East firms challenged in attracting, retaining talent
- Does capitalism provide a solution to terrorism?
- No pain, no gain: Tunisian economy needs three years of tough love before rebounding
- How will MENA economies look in 2015?
- Sanctions face-off: Iran to unveil its corporate side in London next week