Jordan has signed a memorandum of understanding with the European Free Trade Association countries to pave the way for acquiring full membership in the EFTA in 12 years, Jordan’s official news agency (Petra) reported.
EFTA membership would allow Jordan to receive technical and financial assistance from European countries to support economic reforms, attract investment and modernize the country's infrastructure services, according to Minister of Planning Jawad Hadid.
Hadid was quoted by Petra as saying that “the memorandum will enable the private sector to meet the requirements of a free market economy so as to be able to compete on the world markets.”
According to Hadid, the agreement opens the way for Jordan's exports to reach EFTA countries, and help adjust the deficit in the balance of trade, which is in the Europeans’ favor.
Under the terms of the agreement, Jordan's full membership in the EFTA will be gradual and completed in 12 years, added Petra – Albawaba.com
