JBA calls for enhancing Jordan-Iraq private sector cooperation

AMMAN — Increasing private sector cooperation between Jordan and Iraq is vital for a successful economic relationship between the two nations, President of the Jordanian Businessmen Association (JBA) Hamdi Tabba said on Wednesday. 

Tabba highlighted the need for an action plan to identify both countries’ priorities, also noting the importance of reviewing the outcomes of signed agreements currently pending implementation, according to the Jordan News Agency, Petra.

The joint Jordanian-Iraqi committee is scheduled to convene in Baghdad on February 8 to discuss issues related to enhancing economic cooperation, notably bilateral trade, private sector incentives, the joint economic estate project and partnerships in the energy, transport, customs, healthcare, food, trade and industry sectors.

On the sidelines of the meetings, organisers will hold a Jordanian-Iraqi business forum to enhance cooperation among both countries' businesspeople and private sector representatives.

The Iraqi market is promising and has “enormous potential” for Jordanian exports, Tabba said.

Highlighting untapped investment opportunities in both nations, Tabba also discussed the possibility of establishing a logistics zone in Mafraq that would be able to serve the Jordanian, Iraqi and neighbouring markets.     

He also drew attention to the challenges facing Jordan’s private sector, especially the difficulties facing exporters’ access to the Iraqi market. Iraq's 30-per cent customs fees on Jordanian exports have hindered trade exchange, Tabaa said, calling on Iraq to broaden the list of customs-exempted items.

The JBA president also urged for a reduction of annual visa fees to facilitate the movement of investors, noting that multiple restrictions are imposed on remittances received from Iraq, notwithstanding the complex procedures necessary to deliver and receive bank credits through Iraq’s banks.