JCI, Makkah Chamber of Commerce and Industry sign cooperation agreement

AMMAN — The Jordan Chamber of Industry (JCI) and the Makkah Chamber of Commerce and Industry signed a cooperation agreement during a Jordanian economic delegation’s recent visit to Mecca, Saudi Arabia. 

A JCI statement on Sunday, cited by the Jordan News Agency, Petra, said that the delegates, including Industry, Trade and Supply Minister Yousef Shamali and JCI Chairman Fathi Jaghbeer, discussed means to utilise economic opportunities between the countries “through win-win commercial agreements”, in addition to the possibility of increasing transit visas for Jordanian trucks en route to the UAE.

The talks also suggested exempting Jordan from a Saudi plan to replace imports with local products, as well as creating mechanisms to help the Kingdom’s industrial sector by supporting communication with major Saudi markets.

Jaghbeer said that partnership between public and private sectors in international delegations maximises opportunities and outcomes, commending the results of the visit to Mecca.

He said that the delegates also went over means to enhance national exports, mainly in the retail sector to the Saudi market, which is considered the biggest in the region.

The trade exchange volume between Jordan and Saudi Arabia decreased in 2020 by 25.7 per cent to around $3 billion, while the Kingdom’s trade deficit with Saudi Arabia totalled $1.3 billion. This reduced deficit was due to a 5 per cent increase in Jordanian exports to Saudi Arabia, which totalled $813.5 million, and a 34.2 per cent decrease of Jordanian imports from Saudi Arabia.