Jordan and Saudi Arabia to liberalize bilateral trade
Jordan-Saudi Arabia, Economics, 7/6/1998

Jordan and Saudi Arabia are making efforts to liberalize bilateral trade and bolster their economic and commercial cooperation, the Chinese news agency Xinhua reported on Sunday.

Jordanian Minister of Industry and Trade Hani Mulqi told the semi-official Jordan Times paper that a joint Jordanian-Saudi committee will be established to work towards reaching a free trade agreement at the end of this year.

Mulqi who made the statement in Amman on Saturday after meeting with visiting Saudi Commerce Minister Osama Ibn Jaafar Bin Ibrahim Faqih said the establishment of such a committee became ever more necessary as bilateral trade reached 250 million dinars ($353 million) last year and is expected to further rise this year.

Saudi Arabia is Jordan's second largest trade partner after Iraq. Last year Jordan exported 141 million dinars' worth of goods to the Saudi market, mainly live sheep, cement, stone, citrus and pharmaceuticals. Imports from Saudi Arabia, mostly chemical raw materials for industrial use, topped 110 million dinars.

Faqih, in Amman for a Saudi-made products exhibition, also stressed the importance of mutual recognition of product specifications and standards adopted by each country.

By the end of this year an agreement will be signed on product specifications and standards that will enable businessmen to understand each other country's requirements and abide by them.

The two countries will also sign an agreement on transportation by land to facilitate the flow of goods and passengers. Jordan currently has over 100 trucks handling Saudi Arabia-bound goods.

On Saturday, Faqih also met with Jordanian Crown Prince Hassan, and the two sides emphasized the importance of creating an Arab Free Trade Zone and promised to contribute to the efforts.

Meanwhile, Jordanian Prime Minister Abdul Salam al-Majali met on Sunday in Amman with Faqih to discuss preparations for the free trade and transport agreement between the two countries.

Previous Stories:
  Saudi-Jordanian officials conclude meetings, summit on hold   (6/3/1998)
  Arabs to try for a summit   (6/1/1998)
  King Hussein meets with King Fahd   (1/22/1998)

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