Jordan, Iraq announce procedural steps for joint economic estate on border

AMMAN — Jordan and Iraq on Wednesday announced the latest developments related to the joint economic estate scheduled to be established on the border between the two countries.

The announcement was made by Minister of Industry, Trade and Supply Yousef Shamali and Iraqi Minister of Industry and Minerals Manhal Khabbaz after chairing an extraordinary meeting of the general assembly of the Iraqi-Jordanian Industrial Company, which is equally owned by both countries, the Jordan News Agency, Petra, reported.

The general assembly took several procedures to embark on steps to implement the joint venture. 

The general assembly approved a recommendation by the board of directors of the company to move forward with choosing an office and\or an advisory institution to help the company prepare documents necessary to attract a developer for the project. 

It also approved the reference conditions document to develop, implement and invest in the project and an agreement on the development and preparation of regulations governing the work of the estate.

Shamali said that Wednesday’s steps reflect efforts to commence steps necessary for the project that is a result of the directives and vision of both countries’ leaderships: His Majesty King Abdullah and Iraqi Prime Minister Mustafa Al Kadhimi and the outcomes of the trilateral summits that saw the participation of Egyptian President Abdel Fattah El Sisi.

He also expressed appreciation of Khabbaz and the board of directors of the company and all stakeholders who exerted great efforts to realise this strategic project that envisions “a qualitative leap” in the economic cooperation between the two countries in all fields.

The minister said that the establishment of this economic estate provides an opportunity for Jordanian-Iraqi integration in several fields, mainly at the industrial level, and, upon completion, it would grant its products exemptions and advantages of the free trade agreements signed between the Kingdom and other markets whose population reaches some one billion consumers with high purchasing power.

Shamali said that these products will not suffer from any technical or customs restrictions, including in the markets of the two countries, especially that products manufactured inside the estate will enjoy “a joint production characteristic”. 

Khabbaz said that there is a “political will” for the completion of this project that is envisioned to yield several economic and social benefits for the two countries through realising the required development in western Iraq and eastern Jordan areas, in addition to attracting investments in several sectors.

The two ministers said that the estate will also contribute to realising the envisioned sustainable economic development, mainly in the eastern parts of the Kingdom, in Al Safwi, Al Rweished and Al Jafer, and the western parts of Iraq, in Al Anbar, through improving the infrastructure in the areas and creating direct and indirect jobs.

A 10-dunum plot from each side was allocated for the project.

At the end of the meeting that was attended by several officials from both countries, the two ministers signed the meeting minutes.